<SEC-DOCUMENT>0001062993-16-009355.txt : 20160502
<SEC-HEADER>0001062993-16-009355.hdr.sgml : 20160502
<ACCEPTANCE-DATETIME>20160502171811
ACCESSION NUMBER:		0001062993-16-009355
CONFORMED SUBMISSION TYPE:	S-3/A
PUBLIC DOCUMENT COUNT:		13
FILED AS OF DATE:		20160502
DATE AS OF CHANGE:		20160502

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ENERGY FUELS INC
		CENTRAL INDEX KEY:			0001385849
		STANDARD INDUSTRIAL CLASSIFICATION:	MINING, QUARRYING OF NONMETALLIC MINERALS (NO FUELS) [1400]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			A6
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		S-3/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-210782
		FILM NUMBER:		161612691

	BUSINESS ADDRESS:	
		STREET 1:		225 UNION BLVD., SUITE 600
		CITY:			LAKEWOOD
		STATE:			CO
		ZIP:			80228
		BUSINESS PHONE:		303-974-2140

	MAIL ADDRESS:	
		STREET 1:		225 UNION BLVD., SUITE 600
		CITY:			LAKEWOOD
		STATE:			CO
		ZIP:			80228
</SEC-HEADER>
<DOCUMENT>
<TYPE>S-3/A
<SEQUENCE>1
<FILENAME>forms3a.htm
<DESCRIPTION>FORM S-3/A
<TEXT>
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   <TITLE>Energy Fuels Inc. - Form S-3/A - Filed by newsfilecorp.com</TITLE>
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<P align=center>As filed with the Securities and Exchange Commission on May 2, 2016</P>
<P align=right>File No. 333-210782</P>
<P align=center><B><FONT size=5>UNITED STATES </FONT></B><BR><B><FONT
size=5>SECURITIES AND EXCHANGE COMMISSION</FONT></B><BR>Washington, D.C.
20549</P>
<P align=center><B><FONT size=5>FORM S-3 <br>
</FONT><FONT size=3>(Amendment No.1)</FONT></B><BR><B>REGISTRATION
STATEMENT UNDER THE SECURITIES ACT OF 1933 </B></P>
<P align=center><IMG
src="eflogo.jpg"
border=0 width="193" height="123">&nbsp;<BR>
  <B><U><FONT size=5>ENERGY FUELS INC.</FONT></U></B><B>
</B><BR>(Exact name of registrant as specified in its charter) </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left>
    <p align="center"><B><U>Ontario, Canada </U></B></TD>
    <TD align=left width="50%">
    <p align="center"><B><U>98-1067994 </U></B></TD></TR>
  <TR vAlign=top>
    <TD align=left>
    <p align="center">(State or other jurisdiction of </TD>
    <TD align=left width="50%">
    <p align="center">(I.R.S. Employer Identification No.) </TD></TR>
  <TR vAlign=top>
    <TD align=left>
    <p align="center">incorporation or organization) </TD>
    <TD align=left width="50%">
    <p align="center">&nbsp; </TD></TR></TABLE>
<P align=center><B>225 Union Blvd., Suite 600 </B><BR><B>Lakewood, Colorado
80228 </B><BR><B><U>(303) 974-2140</U> </B><BR>(Address, including zip
code, and telephone number, including area code, of registrant&#146;s principal
executive offices) </P>
<P align=center><B>Energy Fuels Resources (USA) Inc. </B><BR><B>225 Union
Blvd., Suite 600 </B><BR><B>Lakewood, Colorado 80228 </B><BR><B><U>(303)
974-2140</U> </B><BR>(Name, address, including zip code, and telephone
number, including area code, of agent for service) </P>
<P align=center><B><I>Copies to: </I></B><BR><B>Richard Raymer </B><BR><B>James
Guttman </B><BR><B>Dorsey &amp; Whitney LLP </B><BR><B>Brookfield Place, 161 Bay
Street, Suite 4310 </B><BR><B><U>Toronto, Ontario, M5J 2S1,
Canada</U></B><BR></P>
<P align=center><B><U>From time to time after the effective date of this
registration statement</U> </B><BR>(Approximate date of commencement of
proposed sale to public) <BR></P>
<P align=justify>If the only securities being registered on this Form are being
offered pursuant to dividend or interest reinvestment plans, please check the
following box.[&nbsp; &nbsp;] </P>
<P align=justify>If any of the securities being registered on this Form are to
be offered on a delayed or continuous basis pursuant to Rule 415 under the
Securities Act of 1933, other than securities offered only in connection with
dividend or interest reinvestment plans, please check the following box. [X] </P>
<P align=justify>If this Form is filed to register additional securities for an
offering pursuant to Rule 462(b) under the Securities Act, please check the
following box and list the Securities Act registration statement number of the
earlier effective registration statement for the same offering.[&nbsp;&nbsp; ]
</P>
<A name=page_2></A>
<P align=justify>If this Form is a post-effective amendment filed pursuant to
Rule 462(c) under the Securities Act, check the following box and list the
Securities Act registration statement number of the earlier effective
registration statement for the same offering. [&nbsp; &nbsp;] </P>
<P align=justify>If this Form is a registration statement pursuant to General
Instruction I.D. or a post-effective amendment thereto that shall become
effective upon filing with the Commission pursuant to Rule 462(e) under the
Securities Act, check the following box.[&nbsp;&nbsp; ] </P>
<P align=justify>If this Form is a post-effective amendment to a registration
statement filed pursuant to General Instruction I.D. filed to register
additional securities or additional classes of securities pursuant to Rule
413(b) under the Securities Act, check the following box.[&nbsp; &nbsp;] </P>
<P align=justify>Indicate by check mark whether the registrant is a large
accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller
reporting company.</P>
<P align=justify>Large accelerated filer [&nbsp;&nbsp;
]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accelerated filer
[X]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-accelerated filer [&nbsp;
&nbsp;]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Small reporting company
[&nbsp; &nbsp;] </P>
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<P align=justify><B>The Registrant hereby amends this registration statement on
such date or dates as may be necessary to delay its effective date until the
Registrant shall file a further amendment which specifically states that this
registration statement shall thereafter become effective in accordance with
Section 8(a) of the Securities Act, or until this registration statement shall
become effective on such date as the Commission, acting pursuant to said Section
8(a), may determine. </B></P>
<P align=center><B>EXPLANATORY NOTE</B> </P>
<P align=justify>This Amendment No. 1 to the Registration Statement on Form S-3
filed by Energy Fuels Inc. on April 15, 2016 with the United States Securities
and Exchange Commission (the &#147;<b>SEC</b>&#148;) is being filed to respond to comments
received from the Staff of the SEC. </P>
<P align=justify>This registration statement contains two prospectuses:</P>
<UL style="TEXT-ALIGN: justify">
  <LI>
  <P style="margin-bottom: 12">a base prospectus which covers the offering, issuance and sale of such
  indeterminate number of common shares, rights, preferred shares, warrants,
  units, subscription receipts, and debt securities which together shall have an
  aggregate initial offering price not to exceed $100,000,000; </P>
  <LI>
  <P style="margin-bottom: 12">a prospectus covering up to 2,515,625 Common Shares that are issuable upon
  the exercise of previously issued warrants of the Company, at an exercise
  price of $3.20 per Common Share. </P></LI></UL>
<P align=justify>The base prospectus immediately follows this explanatory note.
The specific terms of any securities to be offered pursuant to the base
prospectus will be specified in a prospectus supplement to the base prospectus.
An additional prospectus immediately and sequentially follows the base
prospectus. The Common Shares that may be offered, issued and sold under the
additional prospectus are not included in the $100,000,000 of securities that
may be offered, issued and sold by the Registrant under the base prospectus.
</P>
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<TABLE
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  <TR>
    <TD align=left  rowSpan=14>
    <img border="0" src="forms31.gif" width="53" height="888"></TD>
    <TD align=center width="90%" >
      <P>Subject to Completion May 2, 2016 </P>
      </TD></TR>
  <TR>
    <TD align=left width="90%" ><FONT color=#ff0000>
      <P align=justify><B>PROSPECTUS</B> </P>
      <P align=justify>&nbsp;</P></FONT></TD></TR>
  <TR>
    <TD align=center width="90%" >&nbsp;<IMG
      src="eflogo.jpg"
      border=0 width="193" height="123"></TD>
  </TR>
  <TR>
    <TD align=center width="90%"  >
      <P><font size="5">&nbsp;</font><B><font size="5">ENERGY FUELS INC.</font></B></P>
      <P><B>$100,000,000</B><BR>
      <B>Common Shares </B><BR><B>Warrants </B><BR><B>Rights
      </B><BR><B>Subscription Receipts </B><BR><B>Preferred Shares
      </B><BR><B>Debt Securities</B><BR><B>Units </B></P>
    </TD></TR>
  <TR>
    <TD align=left width="90%"  >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left width="90%" >
      <font FACE="Times New Roman" SIZE="2">
      <p ALIGN="justify">Energy Fuels Inc. may offer and sell, from time to
      time, up to $100,000,000 aggregate initial offering price of the Company&#146;s
      common shares, without par value (which we refer to as &#147;</font><font FACE="Times New Roman" SIZE="2"><b>Common
      Shares</b>&#148;), preferred shares of the Company issuable in series (which we
      refer to as &#147;</font><font FACE="Times New Roman" SIZE="2"><b>Preferred
      Shares</b>&#148;), warrants to purchase Common Shares, warrants to purchase
      Preferred Shares (which we refer to collectively as &#147;<b>Warrants</b>&#148;),
      rights to purchase Common Shares or other securities of the Company (which
      we refer to as &#147;</font><font FACE="Times New Roman" SIZE="2"><b>Rights</b>&#148;),
      subscription receipts for Common Shares, Warrants, Preferred Shares or any
      combination thereof (which we refer to as &#147;</font><font FACE="Times New Roman" SIZE="2"><b>Subscription
      Receipts</b>&#148;</font><font FACE="Times New Roman" SIZE="2"><b>)</b>, or
      debt securities of the Company which may or may not be converted into
      other securities (which we refer to as &#147;</font><font FACE="Times New Roman" SIZE="2"><b>Debt
      Securities</b>&#148;), or units which consist of any combination of Common
      Shares. Preferred Shares, Warrants, Rights, Subscription Receipts or Debt
      Securities (which we refer to as &#147;</font><font FACE="Times New Roman" SIZE="2"><b>Units</b>&#148;),
      in one or more transactions under this Prospectus (which we refer to as
      the &#147;</font><font FACE="Times New Roman" SIZE="2"><b>Prospectus</b>&#148;). The
      Company may also offer under this Prospectus any Common Shares issuable
      upon the exercise of Warrants and any Common Shares or other securities of
      the Company issuable upon the exercise of Rights and any Common Shares
      issuable on conversion of Subscription Receipts, Preferred Shares or Debt
      Securities. Collectively, the Common Shares, Warrants, Rights,
      Subscription Receipts, Preferred Shares, Debt Securities, Common Shares
      issuable upon exercise of the Warrants, Common Shares or other securities
      of the Company issuable upon the exercise of Rights, Subscription
      Receipts, Preferred Shares, and Debt Securities and Units are referred to
      as the &#147;<b>Securities.</b>&#148;</font></TD></TR>
  <TR>
    <TD width="90%" >&nbsp;    </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left width="90%" >
      <P align=justify>This Prospectus provides you with a general description
      of the Securities that we may offer. Each time we offer Securities, we
      will provide you with a prospectus supplement (which we refer to as the
      &#147;<B>Prospectus Supplement</B>&#148;) that describes specific information about
      the particular Securities being offered and may add, update or change
      information contained in this Prospectus. You should read both this
      Prospectus and the Prospectus Supplement, together with any additional
      information which is incorporated by reference into this Prospectus and
      the Prospectus Supplement. <B>This Prospectus may not be used to offer or
      sell securities without the Prospectus Supplement</B> <B>which includes a
      description of the method and terms of that offering.</B> </P></TD></TR>
  <TR>
    <TD width="90%" >&nbsp;    </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left width="90%" >
      <P align=justify>We may sell the Securities on a continuous or delayed
      basis to or through underwriters, dealers or agents or directly to
      purchasers. The Prospectus Supplement, which we will provide to you each
      time we offer Securities, will set forth the names of any underwriters,
      dealers or agents involved in the sale of the Securities, and any
      applicable fee, commission or discount arrangements with them. For
      additional information on the methods of sale, you should refer to the
      section entitled &#147;Plan of Distribution&#148; in this Prospectus. </P></TD></TR>
  <TR>
    <TD width="90%" >&nbsp;    </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left width="90%" >
      <P align=justify>The Common Shares are traded on the NYSE MKT LLC (which
      we refer to as the &#147;<B>NYSE MKT</B>&#148;) under the symbol &#147;UUUU&#148; and on the
      Toronto Stock Exchange (which we refer to as the &#147;<B>TSX</B>&#148;) under the
      symbol &#147;EFI&#148;. On April 29, 2016, the last reported sale price of the
      Common Shares on the NYSE MKT was $2.34 per Common Share and on the TSX
      was Cdn$2.93 per Common Share. <B>There is currently no market through
      which the</B> <B>Securities, other than the Common Shares, may be sold,
      and purchasers may not be able to resell the</B> <B>Securities purchased under this
Prospectus. This may affect the pricing of the Securities, other than the Common
Shares, in the secondary market, the transparency and availability of trading
prices, the liquidity of these Securities and the extent of issuer regulation.
</B>See &#147;Risk Factors.&#148;
</P></TD></TR>
  <TR vAlign=top>
    <TD align=left width="90%" >&nbsp;
      </TD></TR>
  <TR vAlign=top>
    <TD align=left width="90%" >
<P align=justify><B>Investing in the Securities involves
risks. See &#147;Risk Factors&#148; on page 5.</B></P>
<P align=justify><B>These Securities have not been
approved or disapproved by the U.S. Securities and Exchange Commission (which we
refer to as the &#147;SEC&#148;) or any state securities commission nor has the SEC or any
state securities commission passed upon the accuracy or adequacy of this
Prospectus. Any representation to the contrary is a criminal offense.</B></P>
    </TD></TR></TABLE>&nbsp;<A name=page_7></A><DIV align=center>
<TABLE
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borderColor=#000000 cellSpacing=0 cellPadding=3 width="80%" border=1>

  <TR vAlign=top>
    <TD align=center><B>THE DATE OF THIS PROSPECTUS
      IS&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </B>&nbsp;<B>, 2016.</B> </TD></TR></TABLE></DIV><BR>
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<P align=center><B>TABLE OF CONTENTS </B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_9"><B>ABOUT
      THIS PROSPECTUS</B> </A></TD>
    <TD align=right width="4%" bgColor=#eeeeee ><A
      href="#page_9"><B>1</B>
      </A></TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=right width="4%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_10"><B>SUMMARY</B>
      </A></TD>
    <TD align=right width="4%" bgColor=#eeeeee ><A
      href="#page_10"><B>2</B>
      </A></TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=right width="4%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_13"><B>RISK
      FACTORS</B> </A></TD>
    <TD align=right width="4%" bgColor=#eeeeee ><A
      href="#page_13"><B>5</B>
      </A></TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=right width="4%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_13"><B>CAUTIONARY
      STATEMENT REGARDING FORWARD-LOOKING STATEMENTS</B> </A></TD>
    <TD align=right width="4%" bgColor=#eeeeee ><A
      href="#page_13"><B>5</B>
      </A></TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=right width="4%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_15"><B>CAUTIONARY
      NOTE TO UNITED STATES INVESTORS CONCERNING DISCLOSURE OF MINERAL</B>
      <B>RESOURCES</B> </A></TD>
    <TD align=right width="4%"  bgColor=#eeeeee ><A
      href="#page_15"><B>7</B>
      </A></TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=right width="4%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_17"><B>DOCUMENTS
      INCORPORATED BY REFERENCE</B> </A></TD>
    <TD align=right width="4%" bgColor=#eeeeee ><A
      href="#page_17"><B>9</B>
      </A></TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=right width="4%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_18"><B>USE
      OF PROCEEDS</B> </A></TD>
    <TD align=right width="4%" bgColor=#eeeeee ><A
      href="#page_18"><B>10</B></A></TD>
  </TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=right width="4%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_18"><B>DESCRIPTION
      OF COMMON SHARES</B> </A></TD>
    <TD align=right width="4%" bgColor=#eeeeee ><A
      href="#page_18"><B>10</B>
      </A></TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=right width="4%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_18"><B>DESCRIPTION
      OF WARRANTS</B> </A></TD>
    <TD align=right width="4%" bgColor=#eeeeee ><A
      href="#page_18"><B>10</B>
      </A></TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=right width="4%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_20"><B>DESCRIPTION
      OF RIGHTS</B> </A></TD>
    <TD align=right width="4%" bgColor=#eeeeee ><A
      href="#page_20"><B>12</B>
      </A></TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=right width="4%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_21"><B>DESCRIPTION
      OF SUBSCRIPTION RECEIPTS</B> </A></TD>
    <TD align=right width="4%" bgColor=#eeeeee ><A
      href="#page_21"><B>13</B>
      </A></TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=right width="4%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_24"><B>DESCRIPTION
      OF PREFERRED SHARES</B> </A></TD>
    <TD align=right width="4%" bgColor=#eeeeee ><A
      href="#page_24"><B>16</B>
      </A></TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=right width="4%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_24"><B>DESCRIPTION
      OF DEBT SECURITIES</B> </A></TD>
    <TD align=right width="4%" bgColor=#eeeeee ><A
      href="#page_24"><B>16</B>
      </A></TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=right width="4%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_26"><B>DESCRIPTION
      OF UNITS</B> </A></TD>
    <TD align=right width="4%" bgColor=#eeeeee ><A
      href="#page_26"><B>18</B>
      </A></TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=right width="4%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_26"><B>PLAN
      OF DISTRIBUTION</B> </A></TD>
    <TD align=right width="4%" bgColor=#eeeeee ><A
      href="#page_26"><B>18</B>
      </A></TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=right width="4%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_28"><B>TRANSFER
      AGENT AND REGISTRAR</B> </A></TD>
    <TD align=right width="4%" bgColor=#eeeeee ><A
      href="#page_28"><B>20</B>
      </A></TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=right width="4%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_28"><B>LEGAL
      MATTERS</B> </A></TD>
    <TD align=right width="4%" bgColor=#eeeeee ><A
      href="#page_28"><B>20</B>
      </A></TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=right width="4%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_28"><B>EXPERTS</B>
      </A></TD>
    <TD align=right width="4%" bgColor=#eeeeee ><A
      href="#page_28"><B>20</B>
      </A></TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=right width="4%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_29"><B>WHERE
      YOU CAN FIND MORE INFORMATION</B> </A></TD>
    <TD align=right width="4%" bgColor=#eeeeee ><A
      href="#page_29"><B>21</B>
      </A></TD>
  </TR></TABLE><BR>
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<P align=center><B>ABOUT THIS PROSPECTUS </B></P>
<P align=justify>This Prospectus is a part of a registration statement that we
have filed with the SEC utilizing a &#147;shelf&#148; registration process. Under this
shelf registration process, we may sell any combination of the Securities
described in this Prospectus in one or more offerings up to a total dollar
amount of initial aggregate offering price of $100,000,000. This Prospectus
provides you with a general description of the Securities that we may offer. The
specific terms of the Securities in respect of which this Prospectus is being
delivered will be set forth in a Prospectus Supplement and may include, where
applicable: (i) in the case of Common Shares, the number of Common Shares
offered, the offering price and any other specific terms of the offering; (ii)
in the case of Warrants, the designation, number and terms of the Common Shares
or Preferred Shares purchasable upon exercise of the Warrants, any procedures
that will result in the adjustment of those numbers, the exercise price, dates
and periods of exercise, and the currency or the currency unit in which the
exercise price must be paid and any other specific terms; (iii) in the case of
Rights, the designation, number and terms of the Common Shares or other
securities of the Company purchasable upon exercise of the Rights, any
procedures that will result in the adjustment of these numbers, the date of
determining the shareholders entitled to the Rights distribution, the exercise
price, the dates and periods of exercise, the currency in which the Rights are
issued and any other terms specific to the Rights being offered; (iv) in the
case of Subscription Receipts, the designation, number and terms of the Common
Shares, Preferred Shares or Warrants receivable upon satisfaction of certain
release conditions, any procedures that will result in the adjustment of those
numbers, any additional payments to be made to holders of Subscription Receipts
upon satisfaction of the release conditions, the terms of the release
conditions, terms governing the escrow of all or a portion of the gross proceeds
from the sale of the Subscription Receipts, terms for the refund of all or a
portion of the purchase price for Subscription Receipts in the event the release
conditions are not met and any other specific terms; (v) in the case of
Preferred Shares, the rights, privileges, restrictions and conditions assigned
to the particular series upon the board of directors of the Company approving
their issuance, subject to the Company&#146;s articles of incorporation; (vi) in the
case of the Debt Securities, terms of any debt securities and any related
agreements or indentures; and (vii) in the case of Units, the designation,
number and terms of the Securities comprising the Units; A Prospectus Supplement
may include specific variable terms pertaining to the Securities that are not
within the alternatives and parameters set forth in this Prospectus. </P>
<P align=justify>In connection with any offering of the Securities (unless
otherwise specified in a Prospectus Supplement), the underwriters or agents may
over-allot or effect transactions which stabilize or maintain the market price
of the Securities offered at a higher level than that which might exist in the
open market. Such transactions, if commenced, may be interrupted or discontinued
at any time. See &#147;Plan of Distribution&#148;. </P>
<P align=justify>Please carefully read both this Prospectus and any Prospectus
Supplement together with the documents incorporated herein and therein by
reference under &#147;Documents Incorporated by Reference&#148;, any free writing
prospectus and the additional information described below under &#147;Where You Can
Find More Information.&#148;</P>
<P align=justify><B>Owning securities may subject you to tax consequences both
in Canada and the United States. This Prospectus or any applicable Prospectus
Supplement may not describe these tax consequences fully. You should read the
tax discussion in any Prospectus Supplement with respect to a particular
offering and consult your own tax advisor with respect to your own particular
circumstances.</B></P>
<P align=justify>References in this Prospectus to &#147;$&#148; are to United States
dollars. Canadian dollars are indicated by the symbol &#147;Cdn$&#148;. </P>
<P align=justify>You should rely only on the information contained in this
Prospectus. We have not authorized anyone to provide you with information
different from that contained in this Prospectus. The distribution or possession
of this Prospectus in or from certain jurisdictions may be restricted by law.
This Prospectus is not an offer to sell these Securities and is not soliciting
an offer to buy these Securities in any jurisdiction where the offer or sale is
not permitted or where the person making the offer or sale is not qualified to
do so or to any person to whom it is not permitted to make such offer or sale.
The information contained in this Prospectus is accurate only as of the date of
this Prospectus, regardless of the time of delivery of this Prospectus or of any
sale of the Securities. Our business, financial condition, results of operations
and prospects may have changed since that date. </P>
<P align=justify>In this Prospectus and in any Prospectus Supplement, unless the
context otherwise requires, references to &#147;Energy Fuels&#148; &#147;Company,&#148; &#147;we,&#148; &#147;us,&#148;
&#147;Registrant,&#148; &#147;our&#148; refer to Energy Fuels Inc., either alone or together with
its subsidiaries as the context requires. </P>
<P align=center>1 </P>
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<P align=center><B>SUMMARY </B></P>
<P align=justify><B>The Company </B></P>
<P align=justify>Energy Fuels is engaged in conventional extraction and <I>in
situ</I> recovery (&#147;<B>ISR</B>&#148;) of uranium, along with the exploration,
permitting, and evaluation of uranium properties in the United States. Energy
Fuels owns the Nichols Ranch uranium recovery facility in Wyoming (the
&#147;<B>Nichols Ranch Project</B>&#148;), which is one of the newest ISR uranium recovery
facilities operating in the United States. In addition, Energy Fuels owns the
White Mesa Mill in Utah (the &#147;<B>White Mesa Mill</B>&#148;), which is the only
conventional uranium recovery facility operating in the United States. The
Company also owns uranium and uranium/vanadium properties and projects in
various stages of exploration, permitting, and evaluation, as well as
fully-permitted uranium and uranium/vanadium projects on standby. The White Mesa
Mill can also recover vanadium as a co-product of mineralized material produced
from certain of its projects in Colorado and Utah. In addition, Energy Fuels
recovers uranium from other uranium-bearing materials not derived from
conventional material, referred to as &#147;alternate feed materials,&#148; at its White
Mesa Mill.</P>
<P align=justify>The registered and head office of Energy Fuels is located at 80
Richmond Street West, Victory Building, 18<SUP>th</SUP> Floor, Toronto, Ontario,
M5H 2A4, Canada. Energy Fuels conducts its business and owns its assets in the
United States through its U.S. subsidiaries, which have their principal place of
business and corporate office at 225 Union Blvd., Suite 600, Lakewood, Colorado
80228, USA. Energy Fuels&#146; website address is www.energyfuels.com. </P>
<P align=justify><B>Recent Developments</B></P>
<P align=justify>On April 15, 2016, the Company announced the appointment of  Mr. Mark Chalmers as Chief Operating Officer of the Company. Mr. Chalmers will  join the Company&rsquo;s management team in July 2016 and oversee all of the  Company&rsquo;s conventional and ISR uranium production operations. From 2011 to 2015, Mr. Chalmers served  as Executive General Manager of Production for Paladin Energy Ltd., a uranium producer  with assets in Australia and Africa, including the Langer Heinrich and  Kayelekera mines, where he oversaw sustained, significant increases in  production while reducing operating costs. He also possesses extensive experience in ISR uranium production,  including management of the Beverley Uranium Mine owned by General Atomics  (Australia), and the Highland mine owned by Cameco Corporation (USA). Mr.  Chalmers has also consulted to several of the largest players in the uranium  supply sector, including BHP Billiton, Rio Tinto, and Marubeni, and currently  serves as the Chair of the Australian Uranium Council, a position he has held  since 2007. Mr. Chalmers  represents a valuable addition to our management team and an important element  in our overall management continuity and succession planning strategy.</P>
<P align=justify><B>The Securities Offered under this Prospectus </B></P>
<P align=justify>We may offer the Common Shares, Warrants, Rights, Subscription
Receipts, Preferred Shares, Debt Securities or Units with a total value of up to
$100,000,000 from time to time under this Prospectus, together with any
applicable Prospectus Supplement and related free writing prospectus, if any, at
prices and on terms to be determined by market conditions at the time of
offering. This Prospectus provides you with a general description of the
Securities we may offer. Each time we offer Securities, we will provide a
Prospectus Supplement that will describe the specific amounts, prices and other
important terms of the Securities, including, to the extent applicable: </P>
<UL style="TEXT-ALIGN: justify">
  <LI>aggregate offering price;
  <LI>the designation, number and terms of the Common Shares purchasable upon
  exercise of the Warrants, any procedures that will result in the adjustment of
  those numbers, the exercise price, dates and periods of exercise, and the
  currency or the currency unit in which the exercise price must be paid and any
  other specific terms;
  <LI>the record date for shareholders entitled to receive the Rights, the
  designation, number and terms of the Common Shares or other securities
  purchasable upon exercise of the Rights, any procedures that will result in
  the adjustment of those numbers, the exercise price, dates and periods of
  exercise, and the currency or the currency unit in which the exercise price
  must be paid and any other specific terms;
  <LI>rates and times of payment of interest or dividends, if any;
  <LI>redemption, conversion, exchange or sinking funds terms, if any;
  <LI>rank and security, if any;
  <LI>conversion or exchange prices or rates, if any, and if applicable, any
  provision for changes or adjustment in the conversion or exchange prices or
  rates in the securities or other property receivable upon conversion or
  exchange;
  <LI>restrictive covenants, if any; </LI></UL>
<P align=center>2 </P>
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<UL style="TEXT-ALIGN: justify">
  <LI>voting or other rights, if any; and
  <LI>important United States and Canadian federal income tax considerations.
  </LI></UL>
<P align=justify>A Prospectus Supplement and any related free writing prospectus
that we may authorize to be provided to you may also add, update or change
information contained in this Prospectus or in documents we have incorporated by
reference. However, no Prospectus Supplement or free writing prospectus will
offer a security that is not registered and described in this Prospectus at the
time of the effectiveness of the registration statement of which this Prospectus
is a part. </P>
<P align=justify>We may sell the Securities on a continuous or delayed basis to
or through underwriters, dealers or agents or directly to purchasers. The
Prospectus Supplement, which we will provide to you each time we offer
Securities, will set forth the names of any underwriters, dealers or agents
involved in the sale of the Securities, and any applicable fee, commission or
discount arrangements with them. </P>
<P align=justify><B><I>Common Shares</I></B></P>
<P align=justify>We may offer Common Shares. Holders of Common Shares are
entitled to one vote per Common Share on all matters that require shareholder
approval.</P>
<P align=justify>Our Common Shares are described in greater detail in this
Prospectus under &#147;Description of Common Shares.&#148;</P>
<P align=justify><B><I>Warrants </I></B></P>
<P align=justify>We may offer Warrants for the purchase of Common Shares or
Preferred Shares, in one or more series, from time to time. We may issue
Warrants independently or together with Common Shares or Preferred Shares and
the Warrants may be attached to or separate from such securities. </P>
<P align=justify>The Warrants will be evidenced by warrant certificates and may
be issued under one or more warrant indentures, which are contracts between us
and a warrant trustee for the holders of the Warrants. In this Prospectus, we
have summarized certain general features of the Warrants under &#147;Description of
Warrants.&#148; We urge you, however, to read any Prospectus Supplement and any free
writing prospectus that we may authorize to be provided to you related to the
series of Warrants being offered, as well as the complete warrant indentures, if
applicable, and warrant certificates that contain the terms of the Warrants. If
applicable, specific warrant indentures will contain additional important terms
and provisions and will be filed as exhibits to the registration statement of
which this Prospectus is a part, or incorporated by reference from a current
report on Form 8-K that we file with the SEC. </P>
<P align=justify><B><I>Rights </I></B></P>
<P align=justify>We may offer Rights to our existing shareholders to purchase
additional Common Shares, preferred shares or other securities of the Company.
For any particular Rights, the applicable Prospectus Supplement will describe
the terms of such rights and rights agreement including the period during which
such Rights may be exercised, the manner of exercising such Rights, the
transferability of such Rights and the number of Common Shares or other
securities that may be purchased in connection with each right and the
subscription price for the purchase of such Common Shares or other securities.
In connection with a rights offering, we may enter into a separate agreement
with one or more underwriters or standby purchasers to purchase any securities
not subscribed for in the rights offering by existing shareholders, which will
be described in the applicable Prospectus Supplement. Each series of rights will
be issued under a separate rights agreement to be entered into between us and a
bank, trust company or transfer agent, as rights agent. </P>
<P align=justify>In this Prospectus, we have summarized certain general features
of the Rights under &#147;Description of Rights.&#148; We urge you, however, to read any
Prospectus Supplement and any free writing prospectus that we may authorize to
be provided to you related to the Rights being offered, as well as the complete
Rights certificates that contain the terms of the Rights. We may evidence each
series of rights by rights certificates that we may issue under a separate
rights agreement with a rights agent. If applicable, we will file as exhibits to
the registration statement of which this Prospectus is a part, or will
incorporate by reference from a current report on Form 8-K that we file with the
SEC, the rights agreements that describe the terms of the series of Rights we
are offering before the issuance of the related series of Rights. </P>
<P align=justify><B><I>Subscription Receipts </I></B></P>
<P align=justify>We may issue Subscription Receipts, which will entitle holders
to receive upon satisfaction of certain release conditions and for no additional
consideration, Common Shares, Preferred Shares, Warrants or other securities of
the Company or any combination thereof. Subscription Receipts will be issued
pursuant to one or more subscription receipt agreements, each to be entered into
between us and an escrow agent, which will establish the terms and conditions of
the Subscription Receipts. Each escrow agent will be a financial institution
organized under the laws of the United States or any state thereof or Canada or
any province thereof and authorized to carry on business as a
trustee. A copy of the form of subscription receipt agreement will be filed as
an exhibit to the registration statement of which this Prospectus is a part, or
will be incorporated by reference from a Current Report on Form 8-K that we file
with the SEC. </P>
<P align=center>3 </P>
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<P align=justify><B><I>Preferred Shares </I></B></P>
<P align=justify>We may offer Preferred Shares. The Preferred Shares issuable in
series will have the rights, privileges, restrictions and conditions assigned to
the particular series upon the board of directors of the Company approving their
issuance, subject to the Company&#146;s articles of incorporation. We currently have
authorized an unlimited number of Series A Preferred Shares which are
non-redeemable, non-callable, non-voting and do not have a right to dividends.
The terms of any preferred shares offered under this Prospectus and any related
agreements will be described in the Prospectus Supplement filed in respect of
the issuance of such preferred shares. </P>
<P align=justify><B><I>Debt Securities </I></B></P>
<P align=justify>We may offer secured or unsecured Debt Securities under this Prospectus. The terms
of any Debt Securities and any related agreements or indentures will be
described in a Prospectus Supplement to be filed in respect of such offering.</P>
<P align=justify><B><I>Units </I></B></P>
<P align=justify>We may offer Units consisting of Common Shares, Warrants,
Preferred Shares, Rights, Subscription Receipts and Debt Securities in any
combination. In this Prospectus, we have summarized certain general features of
the Units under &#147;Description of Units.&#148; We urge you, however, to read any
Prospectus Supplement and any free writing prospectus that we may authorize to
be provided to you related to the series of Units being offered. We may evidence
each series of Units by unit certificates that we may issue under a separate
unit agreement with a unit agent. If applicable, we will file as exhibits to the
registration statement of which this Prospectus is a part, or will incorporate
by reference from a current report on Form 8-K that we file with the SEC, the
unit agreements that describe the terms of the series of Units we are offering
before the issuance of the related series of Units. </P>
<P align=justify><B>Risk Factors</B></P>
<P align=justify>See &#147;<I>Risk Factors,&#148; </I>as well as other information
included in this prospectus, for a discussion of factors you should read and
consider carefully before investing in our securities </P>
<P align=justify><B>THIS PROSPECTUS MAY NOT BE USED TO OFFER OR SELL ANY
SECURITIES UNLESS ACCOMPANIED BY A PROSPECTUS SUPPLEMENT. </B></P>
<P align=center>4 </P>
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<P align=center><B>RISK FACTORS </B></P>
<P align=justify><I>Investing in the Securities involves a high degree of risk.
Prospective investors in a particular offering of Securities should carefully
consider the following risks, as well as the other information contained in this
Prospectus, any applicable Prospectus Supplement, and the documents incorporated
by reference herein before investing in the Securities. If any of the following
risks actually occurs, our business could be materially harmed. Additional
risks, including those of which we are currently unaware or that we deem
immaterial, may also adversely affect our business. You should also read and
carefully consider the risk factors incorporated by reference to our Annual
Report on Form 10-K for the fiscal year ended December 31, 2015, as amended, and
the other information contained in this Prospectus, as updated by our subsequent
filings under the Securities Exchange Act of 1934, as amended and the risk
factors and other information contained in any applicable Prospectus Supplement,
before purchasing any of our Securities.</I> </P>
<P align=justify><B><I>You may experience future dilution as a result of future
equity offerings. </I></B></P>
<P align=justify>In order to raise additional capital, we may in the future
offer additional Common Shares or other securities convertible into or
exchangeable for Common Shares at prices that may not be the same as the price
per share paid by any investor in an offering in a subsequent Prospectus
Supplement. We may sell shares or other securities in any other offering at a
price per share that is less than the price per share paid by any investor in an
offering in a subsequent Prospectus Supplement, and investors purchasing shares
or other securities in the future could have rights superior to you. The price
per share at which we sell additional Common Shares or securities convertible or
exchangeable into Common Shares, in future transactions may be higher or lower
than the price per share paid by any investor in an offering under a subsequent
Prospectus Supplement. </P>
<P align=justify><B><I>Future offerings of debt or preferred equity securities,
which would rank senior to our Common Shares, may adversely affect the market
price of our common shares. </I></B></P>
<P align=justify>If, in the future, we decide to issue debt or preferred equity
securities that may rank senior to our Common Shares, it is likely that such
securities will be governed by an indenture or other instrument containing
covenants restricting our operating flexibility. Any convertible or exchangeable
securities that we issue in the future may have rights, preferences and
privileges more favorable than those of our Common Shares and may result in
dilution to owners of our Common Shares. We and, indirectly, our shareholders,
will bear the cost of issuing and servicing such securities. Because our
decision to issue debt or equity securities in any future offering will depend
on market conditions and other factors beyond our control, we cannot predict or
estimate the amount, timing or nature of our future offerings. Thus, holders of
our common shares will bear the risk of our future offerings reducing the market
price of our Common Shares and diluting the value of their stock holdings in us.
</P>
<P align=justify><B><I>There can be no assurance as to the liquidity of the
trading market for certain Securities or that a trading market for certain
Securities will develop.</I></B> </P>
<P align=justify>There is no public market for the Warrants, Preferred Shares,
Rights, Subscription Receipts or Debt Securities and, unless otherwise specified
in the applicable Prospectus Supplement, the Company does not intend to apply
for listing of these securities on any securities exchange. If these securities
are traded after their initial issue, they may trade at a discount from their
initial offering prices depending on the market for similar securities,
prevailing interest rates and other factors, including general economic
conditions and the Company&#146;s financial condition. There can be no assurance as
to the liquidity of the trading market for any Warrants, Preferred Shares,
Rights, Subscription Receipts or Debt Securities or that a trading market for
these securities will develop. </P>
<P align=center><B>CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
</B></P>
<P align=justify>This Prospectus and the documents incorporated by reference
herein contain &#147;forward-looking statements&#148; within the meaning of applicable US
and Canadian securities laws. Such forward-looking statements concern the
Company&#146;s anticipated results and progress of the Company&#146;s operations in future
periods, planned exploration, and, if warranted, development of its properties,
plans related to its business, and other matters that may occur in the future.
These statements relate to analyses and other information that are based on
forecasts of future results, estimates of amounts not yet determinable and
assumptions of management. </P>
<P align=center>5 </P>
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<P align=justify>Any statements that express or involve discussions with respect
to predictions, expectations, beliefs, plans, projections, objectives,
schedules, assumptions, future events, or performance (often, but not always,
using words or phrases such as &#147;expects&#148; or &#147;does not expect&#148;, &#147;is expected&#148;,
&#147;anticipates&#148; or &#147;does not anticipate&#148;, &#147;plans&#148;, &#147;estimates&#148; or &#147;intends&#148;, or
stating that certain actions, events or results &#147;may&#148;, &#147;could&#148;, &#147;would&#148;, &#147;might&#148;
or &#147;will&#148; be taken, occur or be achieved) are not statements of historical fact
and may be forward-looking statements. </P>
<P align=justify>Forward-looking statements are based on the opinions and
estimates of management as of the date such statements are made. Energy Fuels
believes that the expectations reflected in this forward-looking information are
reasonable, but no assurance can be given that these expectations will prove to
be correct, and such forward-looking information included in, or incorporated by
reference into, this Prospectus should not be unduly relied upon. This
information speaks only as of the date of this Prospectus or as of the date of
the document incorporated by reference herein.</P>
<P align=justify>Readers are cautioned that it would be unreasonable to rely on
any such forward-looking statements and information as creating any legal
rights, and that the statements and information are not guarantees and may
involve known and unknown risks, and that actual results are likely to differ
(and may differ materially) and objectives and strategies may differ or change
from those expressed or implied in the forward-looking statements or information
as a result of various factors. Such risks include risks generally encountered
in the exploration, development, operation, and closure of mineral properties
and processing facilities. Forward-looking statements are subject to a variety
of known and unknown risks and other factors which could cause actual events or
results to differ from those expressed or implied by the forward-looking
statements, including, without limitation:</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left >&#149; </TD>
    <TD align=left width="95%" >
      <P align=justify>risks associated with mineral reserve and resource
      estimates, including the risk of errors in assumptions or methodologies;
      </P></TD></TR>
  <TR vAlign=top>
    <TD align=left >&#149; </TD>
    <TD align=left width="95%" >
      <P align=justify>risks associated with estimating mineral extraction and
      recovery, forecasting future price levels necessary to support mineral
      extraction and recovery, and the Company&#146;s ability to increase mineral
      extraction and recovery in response to any increases in commodity prices
      or other market conditions; </P></TD></TR>
  <TR vAlign=top>
    <TD align=left >&#149; </TD>
    <TD align=left width="95%" >
      <P align=justify>risks related to liabilities inherent to conventional
      mineral extraction and recovery and/or ISR uranium operations; </P></TD></TR>
  <TR vAlign=top>
    <TD align=left >&#149; </TD>
    <TD align=left width="95%" >
      <P align=justify>geological, technical and processing problems, including
      unanticipated metallurgical difficulties, less than expected recoveries,
      ground control problems, process upsets, and equipment malfunctions;
    </P></TD></TR>
  <TR vAlign=top>
    <TD align=left >&#149; </TD>
    <TD align=left width="95%" >
      <P align=justify>risks associated with labor costs, labor disturbances,
      and unavailability of skilled labor; </P></TD></TR>
  <TR vAlign=top>
    <TD align=left >&#149; </TD>
    <TD align=left width="95%" >
      <P align=justify>risks associated with the availability and/or
      fluctuations in the costs of raw materials and consumables used in the
      Company&#146;s production processes; </P></TD></TR>
  <TR vAlign=top>
    <TD align=left >&#149; </TD>
    <TD align=left width="95%" >
      <P align=justify>risks associated with environmental compliance and
      permitting, including those created by changes in environmental
      legislation and regulation, and delays in obtaining permits and licenses
      that could impact expected mineral extraction and recovery levels and
      costs; </P></TD></TR>
  <TR vAlign=top>
    <TD align=left >&#149; </TD>
    <TD align=left width="95%" >
      <P align=justify>actions taken by regulatory authorities with respect to
      mineral extraction and recovery activities; </P></TD></TR>
  <TR vAlign=top>
    <TD align=left >&#149; </TD>
    <TD align=left width="95%" >
      <P align=justify>risks associated with the Company&#146;s dependence on third
      parties in the provision of transportation and other critical services or
      goods; </P></TD></TR>
  <TR vAlign=top>
    <TD align=left >&#149; </TD>
    <TD align=left width="95%" >
      <P align=justify>risks associated with the ability of the Company to
      negotiate access rights on certain properties on favorable terms or at
      all; </P></TD></TR>
  <TR vAlign=top>
    <TD align=left >&#149; </TD>
    <TD align=left width="95%" >
      <P align=justify>risks associated with the ability of the Company to
      extend or renew land tenure, including mineral leases and surface use
      agreements, on favorable terms or at all; </P></TD></TR>
  <TR vAlign=top>
    <TD align=left >&#149; </TD>
    <TD align=left width="95%" >
      <P align=justify>the adequacy of insurance coverage; </P></TD></TR>
  <TR vAlign=top>
    <TD align=left >&#149; </TD>
    <TD align=left width="95%" >
      <P align=justify>risks related to reclamation and decommissioning
      liabilities; </P></TD></TR>
  <TR vAlign=top>
    <TD align=left >&#149; </TD>
    <TD align=left width="95%" >
      <P align=justify>the ability of the Company&#146;s bonding companies to require
      increases in the collateral required to secure reclamation obligations;
      </P></TD></TR>
  <TR vAlign=top>
    <TD align=left >&#149; </TD>
    <TD align=left width="95%" >
      <P align=justify>the potential for, and outcome of, litigation and other
      legal proceedings, including potential injunctions pending the outcome of
      such litigation and proceedings; </P></TD></TR>
  <TR vAlign=top>
    <TD align=left >&#149; </TD>
    <TD align=left width="95%" >
      <P align=justify>the ability of the Company to meet its obligations to its
      creditors; </P></TD></TR>
  <TR vAlign=top>
    <TD align=left >&#149; </TD>
    <TD align=left width="95%" >
      <P align=justify>risks associated with paying off indebtedness at its
      maturity; </P></TD></TR>
  <TR vAlign=top>
    <TD align=left >&#149; </TD>
    <TD align=left width="95%" >
      <P align=justify>risks associated with the Company&#146;s relationships with
      its business and joint venture partners; </P></TD></TR>
  <TR vAlign=top>
    <TD align=left >&#149; </TD>
    <TD align=left width="95%" >
      <P align=justify>failure to obtain industry partner, government, and other
      third party consents and approvals, when required; </P></TD></TR>
  <TR vAlign=top>
    <TD align=left >&#149; </TD>
    <TD align=left width="95%" >
      <P align=justify>competition for, among other things, capital, mineral
      properties, and skilled personnel; </P></TD></TR>
  <TR vAlign=top>
    <TD align=left >&#149; </TD>
    <TD align=left width="95%" >
      <P align=justify>failure to complete proposed acquisitions and incorrect
      assessments of the value of completed acquisitions; </P></TD></TR>
  <TR vAlign=top>
    <TD align=left >&#149; </TD>
    <TD align=left width="95%" >
      <P align=justify>risks posed by fluctuations in share price levels,
      exchange rates and interest rates, and general economic conditions;
  </P></TD></TR>
  <TR vAlign=top>
    <TD align=left >&#149; </TD>
    <TD align=left width="95%" >
      <P align=justify>risks inherent in the Company&#146;s and industry analysts&#146;
      forecasts or predictions of future uranium and vanadium price levels;
    </P></TD></TR></TABLE>
<P align=center>6 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_15></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left >&#149; </TD>
    <TD align=left width="95%" >fluctuations in the market prices
      of uranium and vanadium, which are cyclical and subject to substantial
      price fluctuations; </TD></TR>
  <TR vAlign=top>
    <TD align=left >&#149; </TD>
    <TD align=left width="95%" >failure to obtain suitable
      uranium sales terms, including spot and term sale contracts; </TD></TR>
  <TR vAlign=top>
    <TD align=left >&#149; </TD>
    <TD align=left width="95%" >risks associated with asset
      impairment as a result of market conditions; </TD></TR>
  <TR vAlign=top>
    <TD align=left >&#149; </TD>
    <TD align=left width="95%" >risks associated with lack of
      access to markets and the ability to access capital; </TD></TR>
  <TR vAlign=top>
    <TD align=left >&#149; </TD>
    <TD align=left width="95%" >the market price of Energy Fuels&#146;
      securities; </TD></TR>
  <TR vAlign=top>
    <TD align=left >&#149; </TD>
    <TD align=left width="95%" >public resistance to nuclear
      energy or uranium extraction and recovery; </TD></TR>
  <TR vAlign=top>
    <TD align=left >&#149; </TD>
    <TD align=left width="95%" >uranium industry competition and
      international trade restrictions; </TD></TR>
  <TR vAlign=top>
    <TD align=left >&#149; </TD>
    <TD align=left width="95%" >risks related to higher than
      expected costs related to our Nichols Ranch Project and Canyon Project;
  </TD></TR>
  <TR vAlign=top>
    <TD align=left >&#149; </TD>
    <TD align=left width="95%" >risks related to securities
      regulations; </TD></TR>
  <TR vAlign=top>
    <TD align=left >&#149; </TD>
    <TD align=left width="95%" >risks related to stock price and
      volume volatility; </TD></TR>
  <TR vAlign=top>
    <TD align=left >&#149; </TD>
    <TD align=left width="95%" >risks related to our ability to
      maintain our listing on the NYSE MKT and/or TSX; </TD></TR>
  <TR vAlign=top>
    <TD align=left >&#149; </TD>
    <TD align=left width="95%" >risks related to our ability to
      maintain our inclusion in various stock indices; </TD></TR>
  <TR vAlign=top>
    <TD align=left >&#149; </TD>
    <TD align=left width="95%" >risks related to dilution of
      currently outstanding shares; </TD></TR>
  <TR vAlign=top>
    <TD align=left >&#149; </TD>
    <TD align=left width="95%" >risks related to our lack of
      dividends; </TD></TR>
  <TR vAlign=top>
    <TD align=left >&#149; </TD>
    <TD align=left width="95%" >risks related to recent market
      events; </TD></TR>
  <TR vAlign=top>
    <TD align=left >&#149; </TD>
    <TD align=left width="95%" >risks related to our issuance of
      additional Common Shares or other securities; </TD></TR>
  <TR vAlign=top>
    <TD align=left >&#149; </TD>
    <TD align=left width="95%" >risks related to acquisition and
      integration issues; </TD></TR>
  <TR vAlign=top>
    <TD align=left >&#149; </TD>
    <TD align=left width="95%" >risks related to defects in title
      to our mineral properties; </TD></TR>
  <TR vAlign=top>
    <TD align=left >&#149; </TD>
    <TD align=left width="95%" >risks related to our outstanding
      debt; and </TD></TR>
  <TR vAlign=top>
    <TD align=left >&#149; </TD>
    <TD align=left width="95%" >risks related to our securities.
    </TD></TR></TABLE>
<P align=justify>This list is not exhaustive of the factors that may affect our
forward-looking statements. Some of the important risks that could affect
forward-looking statements are described further in the documents incorporated
by reference into this Prospectus. Although we have attempted to identify
important factors that could cause actual results to differ materially from
those described in forward-looking statements, there may be other factors that
cause results not to be as anticipated, estimated or intended. Should one or
more of these risks materialize, or should underlying assumptions prove
incorrect, actual results may vary materially from those anticipated, believed,
estimated, or expected. We caution readers not to place undue reliance on any
such forward-looking statements, which speak only as of the date made. Except as
required by law, we disclaim any obligation to subsequently revise any
forward-looking statements to reflect events or circumstances after the date of
such statements or to reflect the occurrence of anticipated or unanticipated
events. Statements relating to &#147;mineral reserves&#148; or &#147;mineral resources&#148; are
deemed to be forward-looking information, as they involve the implied
assessment, based on certain estimates and assumptions that the mineral reserves
and mineral resources described may be profitably extracted in the future.</P>
<P align=justify><B>We qualify all the forward-looking statements contained in
this Prospectus by the foregoing cautionary statements</B>.</P>
<P align=center><B>CAUTIONARY NOTE TO UNITED STATES INVESTORS CONCERNING
DISCLOSURE OF MINERAL RESOURCES </B></P>
<P align=justify>This Prospectus contains or incorporates by reference certain
disclosure that has been prepared in accordance with the requirements of
Canadian securities laws, which differ from the requirements of the United
States&#146; securities laws. Unless otherwise indicated, all reserve and resource
estimates included in this Prospectus and in the documents incorporated by
reference herein, have been prepared in accordance with Canadian National
Instrument 43-101 - <I>Standards of Disclosure for Mineral Projects</I> (&#147;<B>NI
43-101</B>&#148;) and the Canadian Institute of Mining, Metallurgy and Petroleum
(&#147;<B>CIM</B>&#148;) classification system. NI 43-101 is a rule developed by the
Canadian Securities Administrators (the &#147;<B>CSA</B>&#148;) which establishes
standards for all public disclosure an issuer makes of scientific and technical
information concerning mineral projects.</P>
<P align=justify>Canadian standards, including NI 43-101, differ significantly
from the requirements of the SEC. Reserve and resource information contained
herein, or incorporated by reference in this Prospectus, and in the documents
incorporated by reference herein, may not be comparable to similar information
disclosed by companies reporting under only United States standards. In
particular, and without limiting the generality of the foregoing, the term
&#147;resource&#148; does not equate to the term &#147;reserve&#148; under SEC Industry Guide 7.
Under United States standards, mineralization may not be classified as a
&#147;reserve&#148; unless the determination has been made that the mineralization could
be economically and legally produced or extracted at the time the reserve
determination is made. Under SEC Industry Guide 7 standards, a &#147;final&#148; or
&#147;bankable&#148; feasibility study is required to report reserves; the three-year historical average price, to the extent possible, is used in
any reserve or cash flow analysis to designate reserves; and the primary
environmental analysis or report must be filed with the appropriate governmental
authority. </P>
<P align=center>7 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_16></A>
<P align=justify>The SEC&#146;s disclosure standards under Industry Guide 7 normally
do not permit the inclusion of information concerning &#147;measured mineral
resources&#148;, &#147;indicated mineral resources&#148; or &#147;inferred mineral resources&#148; or
other descriptions of the amount of mineralization in mineral deposits that do
not constitute &#147;reserves&#148; by United States standards in documents filed with the
SEC. United States investors should also understand that &#147;inferred mineral
resources&#148; have a great amount of uncertainty as to their existence and as to
their economic and legal feasibility. It cannot be assumed that all or any part
of an &#147;inferred mineral resource&#148; will ever be upgraded to a higher category.
Under Canadian rules, estimated &#147;inferred mineral resources&#148; may not form the
basis of feasibility or prefeasibility studies. <B>United States investors are
cautioned not to assume that all or any part of measured or indicated mineral
resources will ever be converted into mineral reserves. Investors are cautioned
not to assume that all or any part of an &#147;inferred mineral resource&#148; exists or
is economically or legally mineable.</B> </P>
<P align=justify>Disclosure of &#147;contained pounds&#148; or &#147;contained ounces&#148; in a
resource estimate is permitted disclosure under Canadian regulations; however,
the SEC normally only permits issuers to report mineralization that does not
constitute &#147;reserves&#148; by SEC standards as in-place tonnage and grade without
reference to unit measures. The requirements of NI 43-101 for identification of
&#147;reserves&#148; are also not the same as those of the SEC, and reserves reported by
the Company in compliance with NI 43-101 may not qualify as &#147;reserves&#148; under SEC
Industry Guide 7 standards. Accordingly, information concerning mineral deposits
set forth herein may not be comparable to information made public by companies
that report in accordance with United States standards. </P>
<P align=justify>As a company incorporated in Canada, unless otherwise
indicated, we estimate and report our resources and our current reserves
according to the definitions set forth in NI 43-101. </P>
<P align=center>8 </P>
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<P align=center><B>DOCUMENTS INCORPORATED BY REFERENCE </B></P>
<P align=justify>We incorporate by reference the documents listed below and
future filings we make with the SEC pursuant to Sections 13(a), 13(c), 14 or
15(d) of the Securities Exchange Act of 1934, as amended (which we refer to as
the &#147;<B>Exchange Ac</B>t&#148;) (excluding, unless otherwise provided therein or
herein, information furnished pursuant to Item 2.02, Item 7.01 and certain
exhibits furnished pursuant to Item 9.01 of our Current Reports on Form 8-K,
which are deemed to be furnished and not filed and therefore not incorporated by
reference herein, unless specifically stated otherwise in such filings, after
the date of the initial filing of this registration statement on Form S-3 to
which this Prospectus relates until the termination of the offering under this
Prospectus.) Any statement contained in a document incorporated by reference in
this Prospectus shall be modified or superseded for purposes of this Prospectus
to the extent that a statement contained in this Prospectus, any related free
writing prospectus or in any other subsequently filed document which is
incorporated by reference modifies or supersedes such statement.</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">a. </TD>
    <TD>
      <P align=justify>our Annual Report on Form 10-K, for the year ended
      December 31, 2015, as filed with the SEC on March 15, 2016;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=top width="5%">b. </TD>
    <TD>
      <P align=justify>our proxy statement on Schedule 14A, dated March 24,
      2016, in connection with our May 18, 2016 annual meeting of
      shareholders;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=top width="5%">c. </TD>
    <TD>
      <P align=justify>our Current Reports on Form 8-K filed with the SEC on
      January 26, 2016, February 1, 2016, March 8, 2016, March 10, 2016, March
      14, 2016, and April 20, 2016; and</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=top width="5%">d. </TD>
    <TD>
      <P align=justify>the description of our Common Shares contained in our
      registration statement on Form 40-F filed on November 15, 2013, including
      any amendment or report filed for purposes of updating such
      description.</P></TD></TR></TABLE>
<P align=justify>Copies of the documents incorporated by reference in this
Prospectus may be obtained on written or oral request without charge from our
Investor Relations Department at 225 Union Blvd., Suite 600, Lakewood, Colorado,
80228 (telephone: (303) 974-2140).</P>
<P align=justify>We also maintain a web site at http://www.energyfuels.com
through which you can obtain copies of documents that we have filed with the
SEC. The contents of that site are not incorporated by reference into or
otherwise a part of this prospectus. </P>
<P align=center><B>RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERENCE
DIVIDENDS </B></P>
<P align=justify>The following table sets forth our consolidated ratio of
earnings to combined fixed charges and preference dividends for the periods
indicated. </P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD colspan="13" align=center style="BORDER-BOTTOM: #000000 1px solid"> <B>Fiscal Year Ended December 31,</B>  </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%"><B>2011</B> </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%"><B>2012</B> </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%"><B>2013</B> </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%"><B>2014</B> </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%"><B>2015</B> </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Ratio of Earnings to Combined Fixed
      <BR>&nbsp;&nbsp;&nbsp;&nbsp; Charges and Preference Dividends(1) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="11%" bgColor=#e6efff>(3,655.5</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="11%" bgColor=#e6efff>22.9 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="11%" bgColor=#e6efff>(23.9</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="11%" bgColor=#e6efff>(50.3</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="11%" bgColor=#e6efff>(39.5</TD>
  <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>)</TD></TR></TABLE>
</DIV><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">(1) </TD>
    <TD>
      <P align=justify>The ratio of earnings to combined fixed charges and
      preference dividends represents the number of times that fixed charges and
      preference dividends are covered by earnings. Earnings consist of income
      or loss from continuing operations before income taxes and fixed charges,
      excluding preference dividends. Fixed charges consist of interest expensed
      and capitalized under capital leases, estimated interest expense within
      rental expense, and preference dividends. In the years ended December 31,
      2015, 2014, 2013, and 2011, earnings were insufficient to cover fixed
      charges by $80.32 million, $84.95 million, $35.12 million and $57.34
      million, respectively.</P></TD></TR></TABLE>
<P align=justify>As of the date of this prospectus, we have no Preferred Shares outstanding. Consequently, our ratio of earnings to combined
fixed charges and Preferred Share dividends and ratio of earnings to fixed
charges would be identical. </P>
<P align=center>9 </P>
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<P align=center><B>USE OF PROCEEDS </B></P>
<P align=justify>Unless otherwise indicated in the applicable Prospectus
Supplement, the net proceeds from the sale of Securities will be used by us for
acquisitions, the exploration and development, as warranted, of existing or
acquired mineral properties, working capital requirements or for other general
corporate purposes. <B>More detailed information regarding the use of proceeds
from the sale of Securities will be described in the applicable Prospectus
Supplement.</B> We may, from time to time, issue Common Shares or other
securities otherwise than through the offering of Securities pursuant to this
Prospectus. </P>
<P align=center><B>DESCRIPTION OF COMMON SHARES </B></P>
<P align=justify>We are authorized to issue an  unlimited number of Common Shares, without par value, of which 51,890,745 are  issued and outstanding as at the date of this Prospectus. As of the date of this Prospectus, there are  (a) options outstanding to purchase up to 2,420,307 Common Shares at exercise  prices ranging from $2.12 to $15.61 and (b) restricted stock units redeemable  for 1,075,779 Common Shares and (c) 4,547,598 warrants outstanding to purchase  Common Shares at exercise prices ranging from $3.20 to $10.56. Options and warrants which were granted and  are reported in Canadian dollars were translated into US dollars at the April
29, 2016 foreign exchange rate of Cdn$1 = $0.7969 US dollar.</P>
<P align=justify>In addition, on July 24, 2012, the Company issued  Cdn$22,000,000 aggregate principal amount of convertible debentures (the <b>&ldquo;Debentures&rdquo;</b>).  The Debentures will mature on June 30, 2017 and may be converted into Common  Shares of the Company at the option of the holder at a conversion price,  subject to certain adjustments, of Cdn$15.00 per share at any time prior to  redemption or maturity. As of April 14, 2016, up to 1,466,667 Common Shares are  issuable upon conversion of the Debentures. At maturity, the Debentures may be  retired either through the payment of cash or, at the option of the Company,  the issuance of Common Shares. If retired  through the issuance of Common Shares, the number of Common Shares will be  obtained by dividing the principal amount of the Debentures by 95% of the  volume weighted average trading price of the Common Shares on the TSX over the  20 consecutive trading days ending five days prior to maturity. </P>
<P align=justify>Holders of Common Shares are entitled to one vote per Common
Share at all meetings of shareholders. The holders of Common Shares are also
entitled to receive dividends as and when declared by our Board of Directors and
to receive a <I>pro rata</I> share of the assets of the Company available for
distribution to the holders of Common Shares in the event of the liquidation,
dissolution or winding-up of the Company. There are no pre-emptive, conversion
or redemption rights attached to the Common Shares. </P>
<P align=center><B>DESCRIPTION OF WARRANTS </B></P>
<P align=justify>The following description, together with the additional
information we may include in any applicable Prospectus Supplements and free
writing prospectuses, summarizes the material terms and provisions of the
Warrants that we may offer under this Prospectus, which will consist of Warrants
to purchase Common Shares or Preferred Shares and may be issued in one or more
series. Warrants may be offered independently or together with Common Shares or
Preferred Shares, Rights or any combination thereof, and may be attached to or
separate from those Securities. While the terms we have summarized below will
apply generally to any Warrants that we may offer under this Prospectus, we will
describe the particular terms of any series of Warrants that we may offer in
more detail in the applicable Prospectus Supplement and any applicable free
writing prospectus. The terms of any Warrants offered under a Prospectus
Supplement may differ from the terms described below.</P>
<P align=justify><B>General </B></P>
<P align=justify>Warrants may be issued under and governed by the terms of one
or more warrant indentures (each of which we refer to as a &#147;<B>Warrant
Indenture</B>&#148;) between us and a warrant trustee (which we refer to as the
&#147;<B>Warrant Trustee</B>&#148;) that we will name in the relevant Prospectus
Supplement, if applicable. Each Warrant Trustee will be a financial institution
organized under the laws of Canada, the United States, or any province or state
thereof, and authorized to carry on business as a trustee. </P>
<P align=justify>This summary of some of the provisions of the Warrants is not
complete. The statements made in this Prospectus relating to any Warrant
Indenture and Warrants to be issued under this Prospectus are summaries of
certain anticipated provisions thereof and do not purport to be complete and are
subject to, and are qualified in their entirety by reference to, all provisions
of the Warrant Indenture, if any, and the Warrant certificate. Prospective
investors should refer to the Warrant Indenture, if any, and the Warrant
certificate relating to the specific Warrants being offered for the complete
terms of the Warrants. If applicable, we will file as exhibits to the
registration statement of which this Prospectus is a part, or will incorporate
by reference from a Current Report on Form 8-K that we file with the SEC, any Warrant Indenture describing the terms and
conditions of Warrants we are offering before the issuance of such Warrants.</P>
<P align=center>10 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
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<P align=justify>The applicable Prospectus Supplement relating to any Warrants
offered by us will describe the particular terms of those Warrants and include
specific terms relating to the offering. This description will include, where
applicable:</P>
<UL style="TEXT-ALIGN: justify">
  <LI>the designation and aggregate number of Warrants;
  <LI>the price at which the Warrants will be offered;
  <LI>the currency or currencies in which the Warrants will be offered;
  <LI>the date on which the right to exercise the Warrants will commence and the
  date on which the right will expire;
  <LI>the number of Common Shares or Preferred Shares that may be purchased upon
  exercise of each Warrant and the price at which and currency or currencies in
  which the Common Shares or Preferred Shares may be purchased upon exercise of
  each Warrant;
  <LI>the designation and terms of any Securities with which the Warrants will
  be offered, if any, and the number of the Warrants that will be offered with
  each Security;
  <LI>the date or dates, if any, on or after which the Warrants and the other
  Securities with which the Warrants will be offered will be transferable
  separately;
  <LI>whether the Warrants will be subject to redemption and, if so, the terms
  of such redemption provisions;
  <LI>whether we will issue the Warrants as global securities and, if so, the
  identity of the depositary of the global securities;
  <LI>whether the Warrants will be listed on any exchange;
  <LI>material United States and Canadian federal income tax consequences of
  acquiring, owning, exercising and disposing of the Warrants; and
  <LI>any other material terms or conditions of the Warrants. </LI></UL>
<P align=justify><B>Rights of Holders Prior to Exercise </B></P>
<P align=justify>Prior to the exercise of their Warrants, holders of Warrants
will not have any of the rights of holders of the Common Shares or Preferred
Shares issuable upon exercise of the Warrants.</P>
<P align=justify><B>Exercise of Warrants </B></P>
<P align=justify>Each Warrant will entitle the holder to purchase the Common
Shares or Preferred Shares that we specify in the applicable Prospectus
Supplement at the exercise price that we describe therein. Unless we otherwise
specify in the applicable Prospectus Supplement, holders of the Warrants may
exercise the Warrants at any time up to the specified time on the expiration
date that we set forth in the applicable Prospectus Supplement. After the close
of business on the expiration date, unexercised Warrants will become void. </P>
<P align=justify>Holders of the Warrants may exercise the Warrants by delivering
the Warrant certificate representing the Warrants to be exercised together with
specified information, and paying the required amount to the Warrant Trustee, if
any, or to us, as applicable, in immediately available funds, as provided in the
applicable Prospectus Supplement. We will set forth on the Warrant certificate
and in the applicable Prospectus Supplement the information that the holder of
the Warrant will be required to deliver to the Warrant Trustee, if any, or to
us, as applicable. </P>
<P align=justify>Upon receipt of the required payment and the Warrant
certificate properly completed and duly executed at the corporate trust office
of the Warrant Trustee, if any, to us at our principal offices, as applicable,
or any other office indicated in the applicable Prospectus Supplement, we will
issue and deliver the Common Shares or Preferred Shares purchasable upon such
exercise. If fewer than all of the Warrants represented by the Warrant
certificate are exercised, then we will issue a new Warrant certificate for the
remaining amount of Warrants. If we so indicate in the applicable Prospectus
Supplement, holders of the Warrants may surrender securities as all or part of
the exercise price for Warrants. </P>
<P align=justify><B>Anti-Dilution </B></P>
<P align=justify>The Warrant Indenture, if any, and the Warrant certificate will
specify that upon the subdivision, consolidation, reclassification or other
material change of the Common Shares or Preferred Shares or any other
reorganization, amalgamation, merger or sale of all or substantially all of our
assets, the Warrants will thereafter evidence the right of the holder to receive
the securities, property or cash deliverable in exchange for or on the
conversion of or in respect of the Common Shares or Preferred Shares to which
such holder would have been entitled immediately after such event. Similarly, any distribution to all or substantially
all of the holders of Common Shares or Preferred Shares of rights, options,
warrants, evidences of indebtedness or assets will result in an adjustment in
the number of Common Shares or Preferred Shares to be issued to holders of
Warrants, as applicable. </P>
<P align=center>11 </P>
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<P align=justify><B>Global Securities </B></P>
<P align=justify>We may issue Warrants in whole or in part in the form of one or
more global securities, which will be registered in the name of and be deposited
with a depositary, or its nominee, each of which will be identified in the
applicable Prospectus Supplement. The global securities may be in temporary or
permanent form. The applicable Prospectus Supplement will describe the terms of
any depositary arrangement and the rights and limitations of owners of
beneficial interests in any global security. The applicable Prospectus
Supplement will describe the exchange, registration and transfer rights relating
to any global security. </P>
<P align=justify><B>Modifications </B></P>
<P align=justify>The Warrant Indenture, if any, will provide for modifications
and alterations to the Warrants issued thereunder by way of a resolution of
holders of Warrants at a meeting of such holders or a consent in writing from
such holders. The number of holders of Warrants required to pass such a
resolution or execute such a written consent will be specified in the Warrant
Indenture, if any.</P>
<P align=justify>We may amend any Warrant Indenture and the Warrants, without
the consent of the holders of the Warrants, to cure any ambiguity, to cure,
correct or supplement any defective or inconsistent provision, or in any other
manner that will not materially and adversely affect the interests of holders of
outstanding Warrants.</P>
<P align=center><B>DESCRIPTION OF RIGHTS </B></P>
<P align=justify>The following description, together with the additional
information we may include in any applicable Prospectus Supplements and free
writing prospectuses, summarizes the material terms and provisions of the Rights
that we may offer under this Prospectus. Rights may be offered independently or
together with Common Shares, Warrants, Preferred Shares or other security, or a
combination thereof, and may be attached to or separate from those Securities.
While the terms we have summarized below will apply generally to any Rights that
we may offer under this Prospectus, we will describe the particular terms of any
series of Rights in more detail in the applicable Prospectus Supplement. The
terms of any Rights offered under a Prospectus Supplement may differ from the
terms described below.</P>
<P align=justify><B>General </B></P>
<P align=justify>Rights may be issued independently or together with any other
security and may or may not be transferable. As part of any rights offering, we
may enter into a standby underwriting or other arrangement under which the
underwriters or any other person would purchase any securities that are not
purchased in such rights offering. If we issue Rights, each series of Rights
will be issued under a separate rights agreement to be entered into between us
and a bank, trust company or transfer agent, as rights agent, that will be named
in the applicable Prospectus Supplement. Further terms of the Rights will be
stated in the applicable Prospectus Supplement. The rights agent will act solely
as our agent and will not assume any obligation to any holders of Rights
certificates or beneficial owners of Rights. The rights agreements and rights
certificates will be filed with the SEC as an exhibit to the registration
statement of which this Prospectus is a part or as an exhibit to a filing
incorporated by reference in the registration statement.</P>
<P align=justify>The Prospectus Supplement relating to any Rights we offer will
describe the specific terms of the offering and the Rights, including the record
date for shareholders entitled to the Rights distribution, the number of Rights
issued and the number of Common Shares or other securities that may be purchased
upon exercise of the Rights, the exercise price of the Rights, the date on which
the Rights will become effective and the date on which the Rights will expire,
and any applicable U.S. and Canadian federal income tax considerations. </P>
<P align=justify>In general, a Right entitles the holder to purchase for cash a
specific number of Common Shares or other securities at a specified exercise
price. The Rights are normally issued to shareholders as of a specific record
date, may be exercised only for a limited period of time and become void
following the expiration of such period. If we decide to issue Rights, we will
accompany this prospectus with a Prospectus Supplement that will describe, among
other things: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="10%"  >&nbsp;</TD>
    <TD align=left>&#149; </TD>
    <TD align=left width="85%" >the record date for shareholders
      entitled to receive the Rights; </TD></TR></TABLE>
<P align=center>12 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_21></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="10%"  >&nbsp;</TD>
    <TD align=left>&#149; </TD>
    <TD align=left width="85%" >
      <P align=justify>the number of Common Shares or other securities that may
      be purchased upon exercise of each Right; </P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="85%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD align=left>&#149; </TD>
    <TD align=left width="85%" >
      <P align=justify>the exercise price of the Rights; </P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="85%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD align=left>&#149; </TD>
    <TD align=left width="85%" >
      <P align=justify>the terms for changes to or adjustments in the exercise
      price, if any; </P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="85%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD align=left>&#149; </TD>
    <TD align=left width="85%" >
      <P align=justify>whether the Rights are transferable; </P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="85%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD align=left>&#149; </TD>
    <TD align=left width="85%" >
      <P align=justify>the period during which the Rights may be exercised and
      when they will expire; </P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="85%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD align=left>&#149; </TD>
    <TD align=left width="85%" >
      <P align=justify>the steps required to exercise the Rights; </P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="85%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD align=left>&#149; </TD>
    <TD align=left width="85%" >
      <P align=justify>whether the Rights include &#147;oversubscription rights&#148; so
      that the holder may purchase more securities if other holders do not
      purchase their full allotments; </P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="85%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD align=left>&#149; </TD>
    <TD align=left width="85%" >
      <P align=justify>whether we intend to sell Common Shares or other
      securities that are not purchased in the rights offering to an underwriter
      or other purchaser under a contractual &#147;standby&#148; commitment or other
      arrangement; </P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="85%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD align=left>&#149; </TD>
    <TD align=left width="85%" >
      <P align=justify>our ability to withdraw or terminate the rights offering;
      </P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="85%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD align=left>&#149; </TD>
    <TD align=left width="85%" >
      <P align=justify>material United States and Canadian federal income tax
      consequences of acquiring, owning, exercising and disposing of Rights; and
      </P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="85%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD align=left>&#149; </TD>
    <TD align=left width="85%" >
      <P align=justify>other material terms, including terms relating to
      transferability, exchange, exercise or amendment of the Rights.
  </P></TD></TR></TABLE>
<P align=justify>If fewer than all of the Rights issued in any rights offering
are exercised, we may offer any unsubscribed securities directly to persons
other than shareholders, to or through agents, underwriters or dealers or
through a combination of such methods, including pursuant to standby
arrangements, as described in the applicable Prospectus Supplement. After the
close of business on the expiration date, all unexercised Rights will become
void. </P>
<P align=justify>Prior to the exercise of a holder&#146;s Rights, the holder will not
have any of the rights of holders of the securities issuable upon the exercise
of the Rights and will not be entitled to, among other things, vote or receive
dividend payments or other distributions on the securities purchasable upon
exercise. </P>
<P align=center><B>DESCRIPTION OF SUBSCRIPTION RECEIPTS </B></P>
<P align=justify>We may issue Subscription Receipts, which will entitle holders
to receive upon satisfaction of certain release conditions and for no additional
consideration, Common Shares, Warrants, Preferred Shares or any combination
thereof. Subscription Receipts will be issued pursuant to one or more
subscription receipt agreements (each, a &#147;<B>Subscription Receipt
Agreement</B>&#148;), each to be entered into between us and an escrow agent (the
&#147;<B>Escrow Agent</B>&#148;), which will establish the terms and conditions of the
Subscription Receipts. Each Escrow Agent will be a financial institution
organized under the laws of the United States or a state thereof or Canada or a
province thereof and authorized to carry on business as a trustee. We will file
as exhibits to the registration statement of which this Prospectus is a part, or
will incorporate by reference from a Current Report on Form 8-K that we file
with the SEC, any Subscription Receipt Agreement describing the terms and
conditions of Subscription Receipts we are offering before the issuance of such
Subscription Receipts.</P>
<P align=justify>The following description sets forth certain general terms and
provisions of Subscription Receipts and is not intended to be complete. The
statements made in this Prospectus relating to any Subscription Receipt
Agreement and Subscription Receipts to be issued thereunder are summaries of
certain anticipated provisions thereof and are subject to, and are qualified in
their entirety by reference to, all provisions of the applicable Subscription
Receipt Agreement and the Prospectus Supplement describing such Subscription
Receipt Agreement. </P>
<P align=justify>The Prospectus Supplement relating to any Subscription Receipts
we offer will describe the Subscription Receipts and include specific terms
relating to their offering. All such terms will comply with the requirements of
the TSX and NYSE MKT relating to Subscription Receipts. If underwriters or
agents are used in the sale of Subscription Receipts, one or more of such underwriters or agents may also
be parties to the Subscription Receipt Agreement governing the Subscription
Receipts sold to or through such underwriters or agents. </P>
<P align=center>13 </P>
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<P align=justify><B>General </B></P>
<P align=justify>The Prospectus Supplement and the Subscription Receipt
Agreement for any Subscription Receipts we offer will describe the specific
terms of the Subscription Receipts and may include, but are not limited to, any
of the following: </P>
<UL style="TEXT-ALIGN: justify">
  <LI>
  <P style="margin-bottom: 12">the designation and aggregate number of Subscription Receipts offered; </P>
  <LI>
  <P style="margin-bottom: 12">the price at which the Subscription Receipts will be offered; </P>
  <LI>
  <P style="margin-bottom: 12">the currency or currencies in which the Subscription Receipts will be
  offered; </P>
  <LI>
  <P style="margin-bottom: 12">the designation, number and terms of the Common Shares, Warrants, Preferred
  Shares or combination thereof to be received by holders of Subscription
  Receipts upon satisfaction of the release conditions, and the procedures that
  will result in the adjustment of those numbers; </P>
  <LI>
  <P style="margin-bottom: 12">the conditions (the &#147;Release Conditions&#148;) that must be met in order for
  holders of Subscription Receipts to receive for no additional consideration
  Common Shares, Warrants, Preferred Shares or a combination thereof; </P>
  <LI>
  <P style="margin-bottom: 12">the procedures for the issuance and delivery of Common Shares, Warrants,
  Preferred Shares or a combination thereof to holders of Subscription Receipts
  upon satisfaction of the Release Conditions; </P>
  <LI>
  <P style="margin-bottom: 12">whether any payments will be made to holders of Subscription Receipts upon
  delivery of the Common Shares, Warrants, Preferred Shares or a combination
  thereof upon satisfaction of the Release Conditions (<I>e.g.</I>, an amount
  equal to dividends declared on Common Shares or Preferred Shares by us to
  holders of record during the period from the date of issuance of the
  Subscription Receipts to the date of issuance of any Common Shares or
  Preferred Shares pursuant to the terms of the Subscription Receipt Agreement);
  </P>
  <LI>
  <P style="margin-bottom: 12">the terms and conditions under which the Escrow Agent will hold all or a
  portion of the gross proceeds from the sale of Subscription Receipts, together
  with interest and income earned thereon (collectively, the &#147;Escrowed Funds&#148;),
  pending satisfaction of the Release Conditions; </P>
  <LI>
  <P style="margin-bottom: 12">the terms and conditions pursuant to which the Escrow Agent will hold
  Common Shares or Warrants or Preferred Shares or a combination thereof pending
  satisfaction of the Release Conditions; </P>
  <LI>
  <P style="margin-bottom: 12">the terms and conditions under which the Escrow Agent will release all or a
  portion of the Escrowed Funds to us upon satisfaction of the Release
  Conditions; </P>
  <LI>
  <P style="margin-bottom: 12">if the Subscription Receipts are sold to or through underwriters or agents,
  the terms and conditions under which the Escrow Agent will release a portion
  of the Escrowed Funds to such underwriters or agents in payment of all or a
  portion of their fees or commission in connection with the sale of the
  Subscription Receipts; </P>
  <LI>
  <P style="margin-bottom: 12">procedures for the refund by the Escrow Agent to holders of Subscription
  Receipts of all or a portion of the subscription price for their Subscription
  Receipts, plus any <I>pro rata </I>entitlement to interest earned or income
  generated on such amount, if the Release Conditions are not satisfied; </P>
  <LI>
  <P style="margin-bottom: 12">any entitlement of the Company to purchase the Subscription Receipts in the
  open market by private agreement or otherwise; </P>
  <LI>
  <P style="margin-bottom: 12">whether we will issue the Subscription Receipts as global securities and,
  if so, the identity of the depositary for the global securities; </P>
  <LI>
  <P style="margin-bottom: 12">whether we will issue the Subscription Receipts as bearer securities,
  registered securities or both; </P>
  <LI>
  <P style="margin-bottom: 12">provisions as to modification, amendment or variation of the Subscription
  Receipt Agreement or any rights or terms attaching to the Subscription
  Receipts; </P>
  <LI>
  <P style="margin-bottom: 12">the identity of the Escrow Agent; </P>
  <LI>
  <P style="margin-bottom: 12">whether the Subscription Receipts will be listed on any exchange;
</P></LI></UL>
<P align=center>14 </P>
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<A name=page_23></A>
<UL style="TEXT-ALIGN: justify">
  <LI>
  <P style="margin-bottom: 12">material United States and Canadian federal tax consequences of acquiring,
  owning, receiving securities in exchange and disposing of the Subscription
  Receipts; and </P>
  <LI>
  <P style="margin-bottom: 12">any other terms of the Subscription Receipts. </P></LI></UL>
<P align=justify>In addition, the Prospectus Supplement and the Subscription
Receipt Agreement for any Subscription Receipts we offer will describe all
contractual rights of rescission that will be granted to initial purchasers of
Subscription Receipts in the event this Prospectus, the Prospectus Supplement
under which the Subscription Receipts are issued or any amendment hereto or
thereto contains a misrepresentation, as discussed further under the
sub-paragraph entitled &#147;Rescission&#148; below.</P>
<P align=justify><B>The holders of Subscription Receipts will not be
shareholders of the Company. Holders of Subscription Receipts are entitled only
to receive Common Shares, Warrants, Preferred Shares or a combination thereof on
exchange of their Subscription Receipts, plus any cash payments provided for
under the Subscription Receipt Agreement, if the Release Conditions are
satisfied. If the Release Conditions are not satisfied, the holders of
Subscription Receipts shall be entitled to a refund of all or a portion of the
subscription price therefor and all or a portion of the </B><B><I>pro
rata</I></B><B> share of interest earned or income generated thereon, as
provided in the Subscription Receipt Agreement. </B></P>
<P align=justify><B>Escrow </B></P>
<P align=justify>The Escrowed Funds will be held in escrow by the Escrow Agent,
and such Escrowed Funds will be released to us (and, if the Subscription
Receipts are sold to or through underwriters or agents, a portion of the
Escrowed Funds may be released to such underwriters or agents in payment of all
or a portion of their fees in connection with the sale of the Subscription
Receipts) at the time and under the terms specified by the Subscription Receipt
Agreement. If the Release Conditions are not satisfied, holders of Subscription
Receipts will receive a refund of all or a portion of the subscription price for
their Subscription Receipts plus their <I>pro rata</I> entitlement to interest
earned or income generated on such amount, in accordance with the terms of the
Subscription Receipt Agreement. Common Shares or Warrants or Preferred Shares
may be held in escrow by the Escrow Agent, and will be released to the holders
of Subscription Receipts following satisfaction of the Release Conditions at the
time and under the terms specified in the Subscription Receipt Agreement. </P>
<P align=justify><B>Anti-Dilution </B></P>
<P align=justify>The Subscription Receipt Agreement will specify that upon the
subdivision, consolidation, reclassification or other material change of the
Common Shares or Warrants or Preferred Shares, as applicable, or any other
reorganization, amalgamation, merger or sale of all or substantially all of our
assets, the Subscription Receipts will thereafter evidence the right of the
holder to receive the securities, property or cash deliverable in exchange for
or on the conversion of or in respect of the Common Shares or Warrants or
Preferred Shares to which the holder of a Common Share or Warrant or Preferred
Share would have been entitled immediately after such event. Similarly, any
distribution to all or substantially all of the holders of Common Shares or
Preferred Shares, as applicable, of rights, options, warrants, evidences of
indebtedness or assets will result in an adjustment in the number of Common
Shares or Preferred Shares, as applicable, to be issued to holders of
Subscription Receipts whose Subscription Receipts entitle the holders thereof to
receive Common Shares or Preferred Shares, as applicable. Alternatively, such
securities, evidences of indebtedness or assets may, at our option, be issued to
the Escrow Agent and delivered to holders of Subscription Receipts on exercise
thereof. The Subscription Receipt Agreement will also provide that if other
actions of the Company affect the Common Shares or Warrants or Preferred Shares,
as applicable, which, in the reasonable opinion of our directors, would
materially affect the rights of the holders of Subscription Receipts and/or the
rights attached to the Subscription Receipts, the number of Common Shares or
Warrants or Preferred Shares, as applicable, which are to be received pursuant
to the Subscription Receipts shall be adjusted in such manner, if any, and at
such time as our directors may in their discretion reasonably determine to be
equitable to the holders of Subscription Receipts in such circumstances. </P>
<P align=justify><B>Rescission </B></P>
<P align=justify>The Subscription Receipt Agreement will also provide that any
misrepresentation in this Prospectus, the Prospectus Supplement under which the
Subscription Receipts are offered, or any amendment thereto, will entitle each
initial purchaser of Subscription Receipts to a contractual right of rescission
following the issuance of the Common Shares or Warrants or Preferred Shares, as
applicable, to such purchaser entitling such purchaser to receive the amount
paid for the Subscription Receipts upon surrender of the Common Shares or
Warrants or Preferred Shares, as applicable, provided that such remedy for rescission is exercised in the
time stipulated in the Subscription Receipt Agreement. This right of rescission
does not extend to holders of Subscription Receipts who acquire such
Subscription Receipts from an initial purchaser, on the open market or
otherwise, or to initial purchasers who acquire Subscription Receipts in the
United States. </P>
<P align=center>15 </P>
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<A name=page_24></A>
<P align=justify><B>Global Securities </B></P>
<P align=justify>We may issue Subscription Receipts in whole or in part in the
form of one or more global securities, which will be registered in the name of
and be deposited with a depositary, or its nominee, each of which will be
identified in the applicable Prospectus Supplement. The global securities may be
in temporary or permanent form. The applicable Prospectus Supplement will
describe the terms of any depositary arrangement and the rights and limitations
of owners of beneficial interests in any global security. The applicable
Prospectus Supplement also will describe the exchange, registration and transfer
rights relating to any global security. </P>
<P align=justify><B>Modifications </B></P>
<P align=justify>The Subscription Receipt Agreement will provide for
modifications and alterations to the Subscription Receipts issued thereunder by
way of a resolution of holders of Subscription Receipts at a meeting of such
holders or a consent in writing from such holders. The number of holders of
Subscriptions Receipts required to pass such a resolution or execute such a
written consent will be specified in the Subscription Receipt Agreement. </P>
<P align=center><B>DESCRIPTION OF PREFERRED SHARES </B></P>
<P align=justify>The Preferred Shares issuable in series will have the rights,
privileges, restrictions and conditions assigned to the particular series upon
the board of directors of the Company approving their issuance, subject to the
Company&#146;s articles of continuance. We currently have authorized an unlimited
number of Series A Preferred Shares which are non-redeemable, non-callable,
non-voting and do not have a right to dividends. The terms of any Preferred
Shares offered under this Prospectus and any related agreements will be
described in the Prospectus Supplement filed in respect of the issuance of such
Preferred Shares. </P>
<P align=center><B>DESCRIPTION OF DEBT SECURITIES </B></P>
<P align=justify>From time to time, debt securities may be offered and sold
under this Prospectus. The terms of any debt securities and any related
agreements or indentures will be described in a Prospectus Supplement to be
filed in respect of such offering.</P>
<P align=justify>We will provide particular terms and provisions of a series of
Debt Securities, and a description of how the general terms and provisions
described below may apply to that series, in a Prospectus Supplement. The
following summary may not contain all of the information that is important to
the investor. For a more complete description, prospective investors should
refer to the applicable Prospectus Supplement and to the applicable indenture
(the &#147;<B>Indenture</B>&#148;), a copy of which will be distributed in connection with
any distribution of Debt Securities under this Prospectus and filed by us with
the securities regulatory authorities in Canada and the United States after we
have entered into it. The Indenture will be subject to and governed by the U.S.
Trust Indenture Act of 1939, as amended. </P>
<P align=justify>The Indenture may not limit the aggregate principal amount of
Debt Securities which may be issued under it, and we may issue Debt Securities
in one or more series. Securities may be denominated and payable in any
currency. We may offer no more than $100,000,000 (or the equivalent in other
currencies) aggregate principal amount of Debt Securities pursuant to this
Prospectus. Unless otherwise indicated in the applicable Prospectus Supplement,
the Indenture will permit us, without the consent of the holders of any Debt
Securities, to issue additional Debt Securities under the Indenture with the
same terms and with the same CUSIP numbers as the Debt Securities offered in
that series, provided that such additional Debt Securities must be part of the
same issue as the Debt Securities offered in that series for U.S. federal income
tax purposes. We may also from time to time repurchase Debt Securities in open
market purchases or negotiated transactions without prior notice to holders.
</P>
<P align=justify>The applicable Prospectus Supplement will set forth the
following terms relating to the Debt Securities offered by such Prospectus
Supplement: </P>
<UL style="TEXT-ALIGN: justify">
  <LI>the title of the Debt Securities;
  <LI>the total principal amount of the Debt Securities; </LI></UL>
<P align=center>16 </P>
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<UL style="TEXT-ALIGN: justify">
  <LI>whether the Debt Securities will be issued in individual certificates to
  each holder or in the form of temporary or permanent global Debt Securities
  held by a depositary on behalf of holders;
  <LI>the date or dates on which the principal of and any premium on the Debt
  Securities will be payable;
  <LI>any interest rate, the date from which interest will accrue, interest
  payment dates and record dates for interest payments and whether and under
  what circumstances any additional amounts with respect to the Debt Securities
  will be payable;
  <LI>the place or places where payments on the Debt Securities will be payable;
  <LI>any provisions for optional redemption, early repayment, retraction,
  purchase for cancellation or surrender;
  <LI>any sinking fund or other provisions that would require the redemption,
  purchase or repayment of Debt Securities;
  <LI>whether payments on the Debt Securities will be payable in a foreign
  currency or currency units or another form;
  <LI>the portion of the principal amount of Debt Securities that will be
  payable if the maturity is accelerated, other than the entire principal
  amount;
  <LI>events of default by the Company and covenants of the Company;
  <LI>any restrictions or other provisions relating to the transfer or exchange
  of Debt Securities;
  <LI>any provisions permitting or restricting the issuance of additional
  securities, the incurring of additional indebtedness and other material
  negative covenants including restrictions against payment of dividends and
  restrictions against giving security on our assets or the assets of our
  subsidiaries;
  <LI>the rank and terms of subordination of any series of subordinate debt;
  <LI>whether or not the Debt Securities will be secured or unsecured, and the terms of any secured debt
    including a general description of the collateral and of the material terms of any related security, pledge
  or other agreements;
  <LI>any terms for the conversion or exchange of the Debt Securities for other
  securities of the Company or any other entity, or for the redemption on
  maturity through the issuance of Common Shares or any other securities of the
  Company; and
  <LI>any other terms of the Debt Securities not prohibited by the Indenture.  </LI></UL>
<P align=justify>Unless otherwise indicated in the applicable Prospectus
Supplement we will issue Debt Securities in registered form without coupons, and
in denominations of $1,000 and multiples of $1,000. Debt Securities may be
presented for exchange, and registered Debt Securities may be presented for
registration of transfer in the manner set forth in the Indenture and in the
applicable Prospectus Supplement, without service charges. We may, however,
require payment sufficient to cover any taxes or other governmental charges due
in connection with the exchange or transfer. We will appoint a trustee as
security registrar. </P>
<P align=justify>Unless otherwise indicated in the applicable Prospectus
Supplement, the holders of the Debt Securities will not be afforded protection
under the Indenture in the event of a highly leveraged transaction or a change
in control of the Company, except in certain specified circumstances. </P>
<P align=justify>We may issue Debt Securities under the Indenture bearing no
interest or interest at a rate below the prevailing market rate at the time of
issuance and, in such circumstances, we will offer and sell those Securities at
a discount below their stated principal amount. We will describe in the
applicable Prospectus Supplement any material Canadian and U.S. federal income
tax consequences and other special considerations. </P>
<P align=justify>Neither we nor any of our subsidiaries will be subject to any
financial covenants under the Indenture. In addition, neither we nor any of our
subsidiaries will be restricted under the Indenture from paying dividends,
incurring debt, or issuing or repurchasing its securities. </P>
<P align=justify>As  further described in any Prospectus Supplement, any Debt Securities issued by  us may be secured or unsecured obligations of the Company and may be senior or subordinate  debt. As of the date of this Prospectus, we and our subsidiaries had no  outstanding indebtedness, other than intercompany indebtedness, trade payables,  debentures in the aggregate principal amount of Cdn$22,000,000, and a loan  payable to Johnson County, Wyoming in the amount of $15,622,817. </P>
<P align=justify>We may issue Debt Securities and incur additional indebtedness
otherwise than through the offering of any Debt Securities pursuant to this
Prospectus. </P>
<P align=center>17 </P>
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<P align=center><B>DESCRIPTION OF UNITS </B></P>
<P align=justify>The following description, together with the additional
information we may include in any applicable Prospectus Supplements, summarizes
the material terms and provisions of the Units that we may offer under this
Prospectus. While the terms we have summarized below will apply generally to any
Units that we may offer under this Prospectus, we will describe the particular
terms of any series of Units in more detail in the applicable Prospectus
Supplement. The terms of any Units offered under a Prospectus Supplement may
differ from the terms described below.</P>
<P align=justify>We will file as exhibits to the registration statement of which
this Prospectus is a part, or will incorporate by reference from a current
report on Form 8-K that we file with the SEC, the form of unit agreement (which
we refer to herein as the &#147;<B>Unit Agreement</B>&#148;), if any, between us and a
unit agent (which we refer to herein as the &#147;<B>Unit Agent</B>&#148;) that describes
the terms and conditions of the series of Units we are offering, and any
supplemental agreements, before the issuance of the related series of Units. The
following summaries of material terms and provisions of the Units are subject
to, and qualified in their entirety by reference to, all the provisions of the
Unit Agreement, if any, and any supplemental agreements applicable to a
particular series of Units. We urge you to read the applicable Prospectus
Supplements related to the particular series of Units that we sell under this
Prospectus, as well as the complete Unit Agreement, if any, and any supplemental
agreements that contain the terms of the Units. </P>
<P align=justify><B>General </B></P>
<P align=justify>We may issue Units comprising one or more Common Shares,
Warrants, Rights, Preferred Shares, Subscription Receipts or Debt Securities, in
any combination. Each Unit will be issued so that the holder of the Unit is also
the holder of each security included in the Unit. Thus, the holder of a Unit
will have the rights and obligations of a holder of each included security.
Units may be issued under a Unit Agreement. Any Unit Agreement under which a
Unit may be issued may provide that the securities included in the Unit may not
be held or transferred separately, at any time or at any time before a specified
date. </P>
<P align=justify>We will describe in the applicable Prospectus Supplement the
terms of the series of Units, including: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left >&#149; </TD>
    <TD align=left width="95%" >
      <P align=justify>the designation and terms of the Units and of the
      securities comprising the Units, including whether and under what
      circumstances those securities may be held or transferred separately;
    </P></TD></TR>
  <TR vAlign=top>
    <TD align=left >&#149; </TD>
    <TD align=left width="95%" >
      <P align=justify>the provisions of any governing Unit Agreement;
</P></TD></TR>
  <TR vAlign=top>
    <TD align=left >&#149; </TD>
    <TD align=left width="95%" >
      <P align=justify>material United States and Canadian federal income tax
      consequences of acquiring, owning, exercising, and disposing of the Units;
      and </P></TD></TR>
  <TR vAlign=top>
    <TD align=left >&#149; </TD>
    <TD align=left width="95%" >
      <P align=justify>any provisions for the issuance, payment, settlement,
      transfer or exchange of the Units or of the securities comprising the
      Units. </P></TD></TR></TABLE>
<P align=justify>The provisions described in this section, as well as those
described under &#147;Description of Common Shares&#148;, &#147;Description of Warrants&#148;,
&#147;Description of Rights&#148;, &#147;Description of Subscription Receipts&#148;, &#147;Description of
Preferred Shares&#148; and &#147;Description of Debt Securities&#148;, will apply to each Unit
and to any Common Share, Warrant Right, Preferred Share, Subscription Receipt or
Debt Security included in each Unit, respectively.</P>
<P align=justify><B>Issuance in Series </B></P>
<P align=justify>We may issue Units in such amounts and in numerous distinct
series as we determine. </P>
<P align=center><B>PLAN OF DISTRIBUTION </B></P>
<P align=justify><B>General </B></P>
<P align=justify>We may offer and sell the Securities, separately or together:
(a) to one or more underwriters or dealers; (b) through one or more agents; or
(c) directly to one or more other purchasers. The Securities offered pursuant to
any Prospectus Supplement may be sold from time to time in one or more
transactions at: (i) a fixed price or prices, which may be changed from time to
time; (ii) market prices prevailing at the time of sale; (iii) prices related to
such prevailing market prices; or (iv) other negotiated prices, including sales
in transactions that are deemed to be &#147;at-the-market&#148; distributions, including
sales made directly on the TSX, NYSE MKT or other existing trading markets for
the securities. We may only offer and sell the Securities pursuant to a
Prospectus Supplement during the period that this Prospectus, including any
amendments hereto, remains effective. The Prospectus Supplement for any of the Securities being offered thereby will set forth the terms of
the offering of such Securities, including the type of Security(ies) being
offered, the name or names of any underwriters, dealers or agents, the purchase
price of such Securities, the proceeds or consideration to us from such sale,
any underwriting commissions or discounts and other items constituting
underwriters&#146; compensation and any discounts or concessions allowed or
re-allowed or paid to dealers. Only underwriters so named in the Prospectus
Supplement are deemed to be underwriters in connection with the Securities
offered thereby.
</P>
<P align=center>18 </P>
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<P align=justify><B>By Underwriters </B></P>
<P align=justify>If underwriters are used in the sale, the Securities will be
acquired by the underwriters for their own account and may be resold from time
to time in one or more transactions, including negotiated transactions, at a
fixed public offering price or at varying prices determined at the time of sale.
Unless otherwise set forth in the Prospectus Supplement relating thereto, the
obligations of underwriters to purchase the Securities will be subject to
certain conditions, but the underwriters will be obligated to purchase all of
the Securities offered by the Prospectus Supplement if any of such Securities
are purchased. We may offer the Securities to the public through underwriting
syndicates represented by managing underwriters or by underwriters without a
syndicate. We may agree to pay the underwriters a fee or commission for various
services relating to the offering of any Securities. Any such fee or commission
will be paid out of our general corporate funds. We may use underwriters with
whom we have a material relationship. We will describe in the Prospectus
Supplement, naming the underwriter, the nature of any such relationship. </P>
<P align=justify><B>By Dealers </B></P>
<P align=justify>If dealers are used, and if so specified in the applicable
Prospectus Supplement, we will sell such Securities to the dealers as
principals. The dealers may then resell such Securities to the public at varying
prices to be determined by such dealers at the time of resale. Any public
offering price and any discounts or concessions allowed or re-allowed or paid to
dealers may be changed from time to time. We will set forth the names of the
dealers and the terms of the transaction in the applicable Prospectus
Supplement.<B> </B></P>
<P align=justify><B>By Agents </B></P>
<P align=justify>The Securities may also be sold through agents designated by
us. Any agent involved will be named, and any fees or commissions payable by us
to such agent will be set forth, in the applicable Prospectus Supplement. Any
such fees or commissions will be paid out of our general corporate funds. Unless
otherwise indicated in the Prospectus Supplement, any agent will be acting on a
best efforts basis for the period of its appointment.</P>
<P align=justify><B>Direct Sales </B></P>
<P align=justify>Securities may also be sold directly by us at such prices and
upon such terms as agreed to by us and the purchaser. In this case, no
underwriters, dealers or agents may be involved in the offering. </P>
<P align=justify><B>General Information </B></P>
<P align=justify>Underwriters, dealers and agents that participate in the
distribution of the Securities offered by this Prospectus may be deemed
underwriters under the Securities Act, and any discounts or commissions they
receive from us and any profit on their resale of the securities may be treated
as underwriting discounts and commissions under the Securities Act. </P>
<P align=justify>Underwriters, dealers or agents who participate in the
distribution of Securities may be entitled under agreements to be entered into
with us to indemnification by us against certain liabilities, including
liabilities under Canadian provincial and territorial and United States
securities legislation, or to contribution with respect to payments which such
underwriters, dealers or agents may be required to make in respect thereof. Such
underwriters, dealers or agents may be customers of, engage in transactions
with, or perform services for, us in the ordinary course of business. </P>
<P align=justify>We may enter into derivative transactions with third parties,
or sell securities not covered by this Prospectus to third parties in privately
negotiated transactions. If the applicable Prospectus Supplement indicates, in
connection with those derivatives, the third parties may sell securities covered
by this Prospectus and the applicable Prospectus Supplement, including in short
sale transactions. If so, the third parties may use securities pledged by us or
borrowed from us or others to settle those sales or to close out any related
open borrowings of stock, and may use securities received from us in settlement of those derivatives to close
out any related open borrowings of stock. The third parties in such sale
transactions will be identified in the applicable Prospectus Supplement. </P>
<P align=center>19 </P>
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<P align=justify>One or more firms, referred to as &#147;remarketing firms,&#148; may also
offer or sell the Securities, if the Prospectus Supplement so indicates, in
connection with a remarketing arrangement upon their purchase. Remarketing firms
will act as principals for their own accounts or as agents for us. These
remarketing firms will offer or sell the Securities in accordance with the terms
of the Securities. The Prospectus Supplement will identify any remarketing firm
and the terms of its agreement, if any, with us and will describe the
remarketing firm&#146;s compensation. Remarketing firms may be deemed to be
underwriters in connection with the Securities they remarket.</P>
<P align=justify>In connection with any offering of Securities, underwriters may
over-allot or effect transactions which stabilize or maintain the market price
of the Securities offered at a level above that which might otherwise prevail in
the open market. Such transactions may be commenced, interrupted or discontinued
at any time. </P>
<P align=center><B>TRANSFER AGENT AND REGISTRAR </B></P>
<P align=justify>Our registrar and transfer agent for our Common Shares is CST
Trust Company at its principal offices in Toronto, Ontario, Canada. </P>
<P align=center><B>LEGAL MATTERS </B></P>
<P align=justify>Certain legal matters related to the Securities offered by this
Prospectus will be passed upon on our behalf by Dorsey &amp; Whitney LLP, with
respect to matters of United States law, and Borden Ladner Gervais LLP, with
respect to matters of Canadian law. </P>
<P align=center><B>EXPERTS</B></P>
<P align=justify>Information relating to our mineral properties in this
Prospectus and the documents incorporated by reference herein has been derived
from reports, statements or opinions prepared or certified by Roscoe Postle
Associates Inc., William E. Roscoe, Douglas T. Underhill, Thomas C. Pool, Barton
G. Stone, Robert Michaud, Stuart E. Collins, Mark B. Mathisen, Harold R.
Roberts, David A. Ross, Peters Geosciences, Douglas C. Peters, BRS Inc., Douglas
L. Beahm, W. Paul Goranson, Douglass Graves, Richard White, Don R. Woody, Woody
Enterprises, Terrence P. McNulty, T.P. McNulty &amp; Associates Inc., Chlumsky,
Ambrust and Meyer, Geoffrey S. Carter, Broad Oak Associates, Trec, Inc., Allan
Moran, Frank A. Daviess, SRK Consulting (U.S.) Inc., Christopher Moreton,
Richard L. Nielsen, Robert L. Sandefur, Matthew P. Reilly, this information has
been included in reliance on such companies&#146; and persons&#146; expertise.</P>
<P align=justify>None of Roscoe Postle Associates Inc., William E. Roscoe,
Douglas T. Underhill, Thomas C. Pool, Barton G. Stone, Robert Michaud, Stuart E.
Collins, Mark B. Mathisen, Harold R. Roberts, David A. Ross, Peters Geosciences,
Douglas C. Peters, BRS Inc., Douglas L. Beahm, W. Paul Goranson, Douglass
Graves, Richard White, Don R. Woody, Woody Enterprises, Terrence P. McNulty,
T.P. McNulty &amp; Associates Inc., Chlumsky, Ambrust and Meyer, Geoffrey S.
Carter, Broad Oak Associates, Trec, Inc., Allan Moran, Frank A. Daviess, SRK
Consulting (U.S.) Inc., Christopher Moreton, Richard L. Nielsen, Robert L.
Sandefur, Matthew P. Reilly, each being companies and persons who have prepared
or certified the preparation of reports, statements or opinions in this
Prospectus and the documents incorporated by reference herein relating to our
mineral properties, or any director, officer, employee or partner thereof, as
applicable, received or has received a direct or indirect interest in our
property or of any of our associates or affiliates. As at the date hereof, the
aforementioned persons, companies and persons at the companies specified above
who participated in the preparation of such reports, statements or opinions, as
a group, beneficially own, directly or indirectly, less than 1% of our
outstanding Common Shares. </P>
<P align=justify>Our consolidated financial statements as at December 31, 2015
and 2014, and for each of the years in the three- year period ended December 31,
2015, have been incorporated by reference herein in reliance upon the report of
KPMG LLP, independent registered public accounting firm, also incorporated by
reference herein, and upon the authority of that firm as experts in accounting
and auditing. </P>
<P align=center>20 </P>
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<P align=center><B>WHERE YOU CAN FIND MORE INFORMATION</B></P>
<P align=justify>We file annual, quarterly and current reports, proxy statements
and other information with the SEC. Our SEC filings are available to the public
over the Internet at the SEC&#146;s web site at http://www.sec.gov.</P>
<P align=justify>This Prospectus is part of a registration statement and, as
permitted by SEC rules, does not contain all of the information included in the
registration statement. Whenever a reference is made in this Prospectus to any
of our contracts or other documents, the reference may not be complete and, for
a copy of the contract or document, you should refer to the exhibits that are
part of the registration statement. You may call the SEC at 1-800-SEC-0330 for
more information on the public reference rooms and their copy charges. You may
also read and copy any document we file with the SEC at the SEC&#146;s public
reference rooms at: </P>
<P align=center>100 F Street, N.E. <BR>Room 1580 <BR>Washington, D.C. 20549
<BR></P>
<P align=center>21 </P>
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<DIV>
<TABLE
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cellSpacing=0 cellPadding=3 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=center><B><FONT size=5>PROSPECTUS
</FONT></B></TD></TR></TABLE></DIV>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P align=center><IMG src="eflogo.jpg" border=0 width="193" height="123"> <BR>
</P>
<P align=center><B><FONT size=6>ENERGY FUELS INC. </FONT></B></P>
<P align=center>&nbsp;</P>
<DIV align=center>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 14pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="40%" border=2>

  <TR vAlign=bottom>
    <TD align=center><B>$100,000,000 </B><BR><B>Common Shares
      </B><BR><B>Warrants </B><BR><B>Rights </B><BR><B>Subscription Receipts
      </B><BR><B>Preferred Shares </B><BR><B>Debt Securities </B><BR><B>Units
      </B></TD></TR></TABLE></DIV>
<P align=center>&nbsp;</P>
<P align=center>&nbsp;</P>
<P align=center>&nbsp;</P>
<P align=center><B>, 2016 </B></P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_31></A>&nbsp;<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD align=center  rowSpan=10>
    <img border="0" src="forms32.gif" width="49" height="869"></TD>
    <TD align=center width="90%" >
      <P>Subject to Completion May 2, 2016&nbsp;&nbsp;</P>
      <P>&nbsp;</P></TD></TR>
  <TR>
    <TD align=center width="90%" >
      <P>
      <IMG
      src="eflogo.jpg"
      border=0 width="193" height="123">&nbsp;</P>
    <P>&nbsp;</P></TD></TR>
  <TR>
    <TD align=center width="90%" ><B><FONT size=6>ENERGY FUELS
      INC. </FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD align=center width="90%" ><B>2,515,625 </B></TD></TR>
  <TR vAlign=top>
    <TD align=center width="90%" ><B>Common Shares Underlying
      Warrants </B></TD></TR>
  <TR vAlign=bottom>
    <TD align=center width="90%" ><B>Previously Issued </B></TD></TR>
  <TR>
    <TD align=center width="90%" >
      <P>&nbsp;</P>
      <P>&nbsp;</P></TD></TR>
  <TR>
    <TD align=center width="90%" >
      <P align=justify>This prospectus relates to 2,515,625 common shares, no
      par value (the &#147;<B>Common Shares</B>&#148;), issuable upon the exercise of
      warrants (the &#147;<B>Warrants</B>&#148;) previously issued by us in March 2016.
      The Warrants were issued with an exercise price of $3.20 per share,
      subject to adjustment, and expire 3 years after their issuance. </P>
      <P align=justify>The Common Shares are traded on the NYSE MKT LLC (which
      we refer to as the &#147;<B>NYSE MKT</B>&#148;) under the symbol &#147;UUUU&#148; and on the
      Toronto Stock Exchange (which we refer to as the &#147;<B>TSX</B>&#148;) under the
      symbol &#147;EFI&#148;. On April 29, 2016, the last reported sale price of the
      Common Shares on the NYSE MKT was $2.34 per Common Share and on the TSX
      was Cdn$2.93 per Common Share.</P>
      <P align=justify><B>Investing in the Common Shares involves risks. See
      &#147;Risk Factors&#148; on page 4.</B></P>
      <P align=justify><B>These Common Shares have not been approved or
      disapproved by the U.S. Securities and Exchange Commission (which we refer
      to as the &#147;SEC&#148;) or any state securities commission nor has the SEC or any
      state securities commission passed upon the accuracy or adequacy of this
      Prospectus. Any representation to the contrary is a criminal
      offense.</B>&nbsp;</P></TD></TR>
  <TR>
    <TD align=center width="90%" >&nbsp;</TD></TR>
  <TR>
    <TD align=center width="90%" >
      <P><STRONG>THE DATE OF THIS PROSPECTUS IS &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
      2016.&nbsp;</STRONG>&nbsp;</P>
      <P>&nbsp;</P>
      <P>&nbsp;</P>
      <P>&nbsp;</P>
      <P>&nbsp;</P>
      <P>&nbsp;</P>
      <P>&nbsp;</P>
      <P>&nbsp;</P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
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<P align=center><B>TABLE OF CONTENTS </B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_33"><B>ABOUT
      THIS PROSPECTUS</B> </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee ><A
      href="#page_33"><B>1</B>
      </A></TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=right width="5%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_34"><B>SUMMARY</B>
      </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee ><A
      href="#page_34"><B>2</B>
      </A></TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=right width="5%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_36"><B>RISK
      FACTORS</B> </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee ><A
      href="#page_36"><B>4</B>
      </A></TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=right width="5%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_37"><B>CAUTIONARY
      STATEMENT REGARDING FORWARD-LOOKING STATEMENTS</B> </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee ><A
      href="#page_37"><B>5</B>
      </A></TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=right width="5%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_38"><B>CAUTIONARY
      NOTE TO UNITED STATES INVESTORS CONCERNING DISCLOSURE OF MINERAL</B>
      <B>RESOURCES</B> </A></TD>
    <TD align=right width="5%"  bgColor=#eeeeee ><A
      href="#page_38"><B>6</B>
      </A></TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=right width="5%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_39"><B>DOCUMENTS
      INCORPORATED BY REFERENCE</B> </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee ><A
      href="#page_39"><B>7</B>
      </A></TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=right width="5%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_39"><B>USE
      OF PROCEEDS</B> </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee ><A
      href="#page_39"><B>7</B>
      </A></TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=right width="5%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_39"><B>DILUTION</B>
      </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee ><A
      href="#page_39"><B>7</B>
      </A></TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=right width="5%" >&nbsp;</TD></TR>

  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_40"><B>PLAN
      OF DISTRIBUTION</B> </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee ><A
      href="#page_40"><B>8</B>
      </A></TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=right width="5%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_40"><B>CERTAIN
      UNITED STATES FEDERAL INCOME TAX CONSIDERATIONS</B> </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee ><A
      href="#page_40"><B>8</B>
      </A></TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=right width="5%" >&nbsp;</TD></TR>

  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_45"><B>TRANSFER
      AGENT AND REGISTRAR</B> </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee ><A
      href="#page_45"><B>14</B>
      </A></TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=right width="5%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_45"><B>LEGAL
      MATTERS</B> </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee ><A
      href="#page_45"><B>14</B>
      </A></TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=right width="5%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_45"><B>EXPERTS</B>
      </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee ><A
      href="#page_45"><B>14</B>
      </A></TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=right width="5%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_46"><B>WHERE
      YOU CAN FIND MORE INFORMATION</B> </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee ><A
      href="#page_46"><B>14</B>
      </A></TD></TR></TABLE>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_33></A>
<P align=center><B>ABOUT THIS PROSPECTUS </B></P>
<P align=justify>This prospectus relates to the offering by us of Common Shares
issuable upon the exercise of Warrants previously issued in March 2016. We have
an existing &#147;shelf&#148; Registration Statement on Form F-10, File No. 333-194916,
that was declared effective on April 10, 2014 (the &#147;<B>Prior Registration
Statement</B>&#148;). As a result of the Company becoming a U.S. domestic issuer for
SEC reporting purposes, we are filing a new &#147;shelf&#148; Registration Statement on
Form S-3, File No. 333-210782, of which this prospectus forms a part (the &#147;<B>New
Registration Statement</B>&#148;). The Common Shares registered under the New
Registration Statement include Common Shares underlying Warrants to purchase an
aggregate of 2,515,625 Common Shares at an exercise price of $3.20 per share,
which Warrants were previously issued by us and registered under the Prior
Registration Statement. We are filing this prospectus under the New Registration
Statement for the sole purpose of ensuring that an effective Registration
Statement covers the exercise of such previously issued Warrants for Common
Shares.</P>
<P align=justify>This Prospectus describes the specific terms of the Common
Shares that will be issued upon the exercise of the Warrants and also adds to,
and updates information contained in the documents incorporated by reference
into this prospectus. However, if any statement in one of these documents is
inconsistent with a statement in another document having a later date &#151; for
example, a document incorporated by reference in this prospectus &#151; the statement
in the document having the later date modifies or supersedes the earlier
statement as our business, financial condition, results of operations and
prospects may have changed since the earlier dates. You should read this
prospectus, the documents and information incorporated by reference in this
prospectus, and any free writing prospectus that we have authorized for use in
connection with this offering when making your investment decision. You should
also read and consider the information in the documents we have referred you to
under the headings &#147;Where You Can Find More Information&#148; and &#147;Information
Incorporated by Reference.&#148; You should rely only on information contained in or
incorporated by reference into this prospectus. We have not authorized anyone to
provide you with information that is different.</P>
<P align=justify>We are offering to sell and seeking offers to buy Common Shares
only in jurisdictions where offers and sales are permitted. The information
contained in this prospectus, the documents and information incorporated by
reference in this Prospectus, and any free writing prospectus that we have
authorized for use in connection with this offering are accurate only as of
their respective dates, regardless of the time of delivery of this Prospectus or
of any sale of our Common Shares and Warrants. In this Prospectus, unless the
context otherwise indicates, the terms &#147;Energy Fuels,&#148; the &#147;Company,&#148;
&#147;Registrant,&#148; &#147;we,&#148; &#147;our&#148; and &#147;us&#148; or similar terms refer to Energy Fuels Inc.,
including our subsidiaries. Any references in this Prospectus to our financial
statements include, unless the context indicates otherwise, the related
notes.</P>
<P align=justify><B>Owning Common Shares may subject you to tax consequences
both in Canada and the United States. You should read the tax discussion in this
Prospectus with respect to the offering of Common Shares and consult your own
tax advisor with respect to your own particular circumstances.</B></P>
<P align=justify>References in this Prospectus to &#147;$&#148; are to United States
dollars. Canadian dollars are indicated by the symbol &#147;Cdn$&#148;. </P>
<P align=justify>You should rely only on the information contained in this
Prospectus. We have not authorized anyone to provide you with information
different from that contained in this Prospectus. The distribution or possession
of this Prospectus in or from certain jurisdictions may be restricted by law.
This Prospectus is not an offer to sell these Securities and is not soliciting
an offer to buy these Securities in any jurisdiction where the offer or sale is
not permitted or where the person making the offer or sale is not qualified to
do so or to any person to whom it is not permitted to make such offer or sale.
The information contained in this Prospectus is accurate only as of the date of
this Prospectus, regardless of the time of delivery of this Prospectus or of any
sale of the Common Shares. Our business, financial condition, results of
operations and prospects may have changed since that date. </P>
<P align=center>1 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_34></A>
<P align=center><B>SUMMARY </B></P>
<P align=justify><B>The Company </B></P>
<P align=justify>Energy Fuels is engaged in conventional extraction and <I>in
situ</I> recovery (&#147;<B>ISR</B>&#148;) of uranium, along with the exploration,
permitting, and evaluation of uranium properties in the United States. Energy
Fuels owns the Nichols Ranch uranium recovery facility in Wyoming (the
&#147;<B>Nichols Ranch Project</B>&#148;), which is one of the newest uranium recovery
facilities operating in the United States. In addition, Energy Fuels owns the
White Mesa Mill in Utah (the &#147;<B>White Mesa Mill</B>&#148;), which is the only
conventional uranium recovery facility operating in the United States. The
Company also owns uranium and uranium/vanadium properties and projects in
various stages of exploration, permitting, and evaluation, as well as
fully-permitted uranium and uranium/vanadium projects on standby. The White Mesa
Mill can also recover vanadium as a co-product of mineralized material produced
from certain of its projects in Colorado and Utah. In addition, Energy Fuels
recovers uranium from other uranium-bearing materials not derived from
conventional material, referred to as &#147;alternate feed materials,&#148; at its White
Mesa Mill.</P>
<P align=justify>The registered and head office of Energy Fuels is located at 80
Richmond Street West, Victory Building, 18<SUP>th</SUP> Floor, Toronto, Ontario,
M5H 2A4, Canada. Energy Fuels conducts its business and owns its assets in the
United States through its U.S. subsidiaries, which have their principal place of
business and corporate office at 225 Union Blvd., Suite 600, Lakewood, Colorado
80228, USA. Energy Fuels&#146; website address is www.energyfuels.com. </P>
<P align=justify><B>Recent Developments</B></P>
<P align=justify>On April 15, 2016, the Company announced the appointment of  Mr. Mark Chalmers as Chief Operating Officer of the Company. Mr. Chalmers will  join the Company&rsquo;s management team in July 2016 and oversee all of the  Company&rsquo;s conventional and ISR uranium production operations. From 2011 to 2015, Mr. Chalmers served  as Executive General Manager of Production for Paladin Energy Ltd., a uranium  producer with assets in Australia and Africa, including the Langer Heinrich and  Kayelekera mines, where he oversaw sustained, significant increases in  production while reducing operating costs. He also possesses extensive experience in ISR uranium production,  including management of the Beverley Uranium Mine owned by General Atomics  (Australia), and the Highland mine owned by Cameco Corporation (USA). Mr.  Chalmers has also consulted to several of the largest players in the uranium  supply sector, including BHP Billiton, Rio Tinto, and Marubeni, and currently  serves as the Chair of the Australian Uranium Council, a position he has held  since 2007. Mr. Chalmers  represents a valuable addition to our management team and an important element  in our overall management continuity and succession planning strategy.</P>
<P align=justify><B>The Securities Offered under this Prospectus </B></P>
<P align=justify>On March 14, 2016 the Company closed a public offering of Units
made pursuant to an underwriting agreement dated March 9, 2016 between the
Company and a syndicate of underwriters led by Cantor Fitzgerald Canada
Corporation, as sole bookrunner, along with Haywood Securities Inc., Roth
Capital Partners, LLC, Dundee Securities Ltd., Raymond James Ltd., and Rodman
&amp; Renshaw, a unit of H.C. Wainwright &amp; Co., LLC (the &#147;<B>March 2016
Offering</B>&#148;). Pursuant to the March 2016 Offering, the Company sold an
aggregate of 5,031,250 Units (which includes 656,250 Units that were issued upon
the exercise, in full, of the over-allotment option that was granted to the
underwriters) at a price of $2.40 per Unit for total net proceeds of $10.88
million after commissions and estimated expenses of the offering. Each Unit
consists of one Common Share and one half of one Warrant, or a total of
5,031,250 Common Shares and 2,515,625 Warrants. Each Warrant will be exercisable
until March 14, 2019, and will entitle the holder thereof to acquire one Common
Share upon exercise at an exercise price of $3.20 per Common Share. </P>
<P align=justify>Under this Prospectus, we are continuing to register the Common
Shares underlying the Warrants offered as part of the March 2016 Offering.</P>
<P align=center>2 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_35></A>
<P align=center><B>The Offering</B> </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left>Common Shares We Are Offering </TD>
    <TD align=left width="2%"></TD>
    <TD align=left width="60%">
      <P align=justify>2,515,625 Common Shares issuable upon exercise of the
      Warrants previously offered. Each Warrant has an exercise price of $3.20
      per share, has been exercisable since issuance and will expire three years
      from the issuance date. </P></TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="60%">&nbsp;    </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Common Shares To Be Outstanding After This
      <BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Offering If All Warrants Are
      Exercised </TD>
    <TD align=left width="2%"></TD>
    <TD align=left width="60%">
      <P align=justify>54,406,040 Common Shares. </P></TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="60%">&nbsp;    </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Use Of Proceeds </TD>
    <TD align=left width="2%"></TD>
    <TD align=left width="60%">
      <P align=justify>We intend to use the net proceeds from this offering for
      general corporate purposes. See &#147;Use of Proceeds&#148; on page 7. </P></TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="60%">&nbsp;    </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Risk Factors </TD>
    <TD align=left width="2%"></TD>
    <TD align=left width="60%">
      <P align=justify>This investment involves a high degree of risk. You
      should read the &#147;Risk Factors&#148; section of this Prospectus, of the
      documents incorporated by reference in this Prospectus and of any free
      writing prospectus we authorized for use in connection with this offering
      for a discussion of factors to consider before deciding to purchase Common
      Shares. </P></TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="60%">&nbsp;    </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>NYSE MKT Symbol </TD>
    <TD align=left width="2%"></TD>
    <TD align=left width="60%">
      <P align=justify>Our Common Shares currently trade on the NYSE MKT under
      the symbol &#147;UUUU&#148; and on the TSX under the symbol &#147;EFI&#148;. Our Warrants are
      not traded on any exchange. </P></TD></TR></TABLE>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The number of Common Shares shown
above to be outstanding after this offering is based on 51,890,415 Common
Shares outstanding as of April 29, 2016, and excludes:</P>
<UL style="TEXT-ALIGN: justify">
  <LI>
  <P style="margin-bottom: 12">4,547,598 Common Shares issuable upon the
  exercise of share purchase warrants outstanding as of April 29, 2016, at a
  weighted average exercise price of $5.04<SUP> </SUP>per share (including the Warrants); </P>
  <LI>
  <P style="margin-bottom: 12">2,420,307 Common Shares issuable upon the
  exercise of options outstanding as of April 29, 2016, at a weighted average
  exercise price of $5.83<SUP>
  </SUP>per share; </P>
  <LI>
  <P style="margin-bottom: 12">1,077,955 Common Shares issuable upon the vesting of restricted share
  units outstanding as of April 29, 2016; and </P>
  <LI>
  <P style="margin-bottom: 12">2,850,358 Common Shares reserved for future issuance under our 2015
  Omnibus Equity Compensation Plan as of April 29, 2016. </P>
  </LI></UL>
<P style="MARGIN-LEFT: 3%" align=justify><SUP>1</SUP>Options and Warrants which
are granted and are reported in Canadian dollars were translated into US dollars
at the April 29, 2016 foreign exchange rate of Cdn$ 1 = $0.7969 US dollar.
</P>
<P align=center>3 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_36></A>
<P align=center><B>RISK FACTORS </B></P>
<P align=justify><I>Investing in the Common Shares involves a high degree of
risk. Prospective investors in a particular offering of Securities should
carefully consider the following risks, as well as the other information
contained in this Prospectus, and the documents incorporated by reference herein
before investing in the Securities. If any of the following risks actually
occurs, our business could be materially harmed. Additional risks, including
those of which we are currently unaware or that we deem immaterial, may also
adversely affect our business. You should also read and carefully consider the
risk factors incorporated by reference to our Annual Report on Form 10-K for the
fiscal year ended December 31, 2015, as amended, and the other information
contained in this Prospectus, as updated by our subsequent filings under the
Securities Exchange Act of 1934, as amended, before purchasing any of our Common
Shares. </I></P>
<P align=justify><B>Risks Relating to this Offering </B></P>
<P align=justify><B><I>You will experience immediate and substantial dilution.
</I></B></P>
<P align=justify>The warrant exercise price of our Common Shares offered
pursuant to this Prospectus is higher than the net tangible book value per share
of our Common Shares. Therefore, if you exercise Warrants under this offering,
you will incur immediate dilution relative to the net tangible book value per
share of Common Shares compared with the price per share that you pay for the
Common Shares. If the holders of outstanding options or warrants exercise those
options or warrants at prices below the public offering price, you will incur
further dilution.</P>
<P align=justify><B><I>Our management team may invest or spend the proceeds of
this offering in ways with which you may not agree or in ways which may not
yield a significant return. </I></B></P>
<P align=justify>Our management team will have broad discretion over the use of
proceeds from this offering. The net proceeds from this offering will be used
for general corporate purposes. Our management will have considerable discretion
in the application of the net proceeds, and you will not have the opportunity,
as part of your investment decision, to assess whether the proceeds are being
used appropriately. The net proceeds may be used for corporate purposes that do
not increase our operating results or enhance the value of our Common
Shares.</P>
<P align=justify><B><I>Future sales by our shareholders may adversely affect our
share price and our ability to raise funds in new share offerings. </I></B></P>
<P align=justify>Sales of our Common Shares in the public market following any
prospective offering could lower the market price of our Common Shares. Sales
may also make it more difficult for us to sell equity securities or
equity-related securities in the future at a time and price that our management
deems acceptable.</P>
<P align=justify><B><I>It is our general policy to retain any earnings for use
in our operation. </I></B></P>
<P align=justify>We have never declared or paid cash dividends on our Common
Shares. We currently intend to retain all of our future earnings, if any, for
use in our business and therefore do not anticipate paying any cash dividends on
our Common Shares in the foreseeable future. </P>
<P align=justify><B><I>The price of our Common Shares is subject to volatility
</I></B><B><I>and you could lose all or part of your investment as a
result</I></B> </P>
<P align=justify>There is no guarantee that our Common Shares will appreciate in
value or maintain the price at which our shareholders have purchased their
shares. Securities of mining companies have experienced substantial volatility
and downward pressure in the recent past, often based on factors unrelated to
the financial performance or prospects of the companies involved. These factors
include macroeconomic conditions in North America and globally, and market
perceptions of the attractiveness of particular industries. The price of our
Common Shares is also likely to be significantly affected by short-term changes
in uranium and vanadium prices, changes in industry forecasts of uranium and
vanadium prices, other mineral prices including oil and natural gas, currency
exchange fluctuation, or in our financial condition or results of operations as
reflected in our periodic earnings reports. Other factors unrelated to our
performance that may have an effect on the price of our securities include the
following: the extent of research coverage available to investors concerning our
business may be limited if investment banks with research capabilities do not
follow our securities; lessening in trading volume and general market interest
in our securities may affect an investor&#146;s ability to trade significant numbers
of our securities; the size of our public float and the exclusion from market
indices may limit the ability of some institutions to invest in our securities;
and a substantial decline in the price of our securities that persists for a
significant period of time could cause our securities to be delisted from an
exchange, further reducing market liquidity. Our exclusion from certain market
indices may reduce market liquidity or the price of our securities. If an active
market for our securities does not continue, the liquidity of an investor&#146;s
investment may be limited and the price of our securities may decline. If an
active market does not exist, investors may lose their entire investment. As a
result of any of these factors, the market price of our securities at any given
point in time may not accurately reflect our long-term value. Securities
class-action litigation often has been brought against companies in periods of
volatility in the market price of their securities, and following major
corporate transactions or mergers and acquisitions. We may in the future be the
target of similar litigation. Securities litigation could result in substantial
costs and damages and divert management&#146;s attention and resources. </P>
<P align=center>4 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
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<A name=page_37></A>
<P align=center><B>CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
</B></P>
<P align=justify>This Prospectus and the documents incorporated by reference
herein contain &#147;forward-looking statements&#148; within the meaning of applicable US
and Canadian securities laws. Such forward-looking statements concern the
Company&#146;s anticipated results and progress of the Company&#146;s operations in future
periods, planned exploration, and, if warranted, development of its properties,
plans related to its business, and other matters that may occur in the future.
These statements relate to analyses and other information that are based on
forecasts of future results, estimates of amounts not yet determinable and
assumptions of management. </P>
<P align=justify>Any statements that express or involve discussions with respect
to predictions, expectations, beliefs, plans, projections, objectives,
schedules, assumptions, future events, or performance (often, but not always,
using words or phrases such as &#147;expects&#148; or &#147;does not expect&#148;, &#147;is expected&#148;,
&#147;anticipates&#148; or &#147;does not anticipate&#148;, &#147;plans&#148;, &#147;estimates&#148; or &#147;intends&#148;, or
stating that certain actions, events or results &#147;may&#148;, &#147;could&#148;, &#147;would&#148;, &#147;might&#148;
or &#147;will&#148; be taken, occur or be achieved&#148;) are not statements of historical fact
and may be forward-looking statements. </P>
<P align=justify>Forward-looking statements are based on the opinions and
estimates of management as of the date such statements are made. We believe that
the expectations reflected in this forward-looking information are reasonable,
but no assurance can be given that these expectations will prove to be correct,
and such forward-looking information included in, or incorporated by reference
into, this Prospectus should not be unduly relied upon. This information speaks
only as of the date of this Prospectus or the date of the document incorporated
by reference herein.</P>
<P align=justify>Readers are cautioned that it would be unreasonable to rely on
any such forward-looking statements and information as creating any legal
rights, and that the statements and information are not guarantees and may
involve known and unknown risks, and that actual results are likely to differ
(and may differ materially) and objectives and strategies may differ or change
from those expressed or implied in the forward-looking statements or information
as a result of various factors. Such risks include risks generally encountered
in the exploration, development, operation, and closure of mineral properties
and processing facilities. Forward-looking statements are subject to a variety
of known and unknown risks and other factors which could cause actual events or
results to differ from those expressed or implied by the forward-looking
statements, including, without limitation:</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left >&#149; </TD>
    <TD align=left width="95%" >
      <P align=justify>risks associated with mineral reserve and resource
      estimates, including the risk of errors in assumptions or methodologies;
      </P></TD></TR>
  <TR vAlign=top>
    <TD align=left >&#149; </TD>
    <TD align=left width="95%" >
      <P align=justify>risks associated with estimating mineral extraction and
      recovery, forecasting future price levels necessary to support mineral
      extraction and recovery, and the Company&#146;s ability to increase mineral
      extraction and recovery in response to any increases in commodity prices
      or other market conditions; </P></TD></TR>
  <TR vAlign=top>
    <TD align=left >&#149; </TD>
    <TD align=left width="95%" >
      <P align=justify>risks related to liabilities inherent to conventional
      mineral extraction and recovery and/or ISR uranium operations; </P></TD></TR>
  <TR vAlign=top>
    <TD align=left >&#149; </TD>
    <TD align=left width="95%" >
      <P align=justify>geological, technical and processing problems, including
      unanticipated metallurgical difficulties, less than expected recoveries,
      ground control problems, process upsets, and equipment malfunctions;
    </P></TD></TR>
  <TR vAlign=top>
    <TD align=left >&#149; </TD>
    <TD align=left width="95%" >
      <P align=justify>risks associated with labor costs, labor disturbances,
      and unavailability of skilled labor; </P></TD></TR>
  <TR vAlign=top>
    <TD align=left >&#149; </TD>
    <TD align=left width="95%" >
      <P align=justify>risks associated with the availability and/or
      fluctuations in the costs of raw materials and consumables used in the
      Company&#146;s production processes; </P></TD></TR>
  <TR vAlign=top>
    <TD align=left >&#149; </TD>
    <TD align=left width="95%" >
      <P align=justify>risks associated with environmental compliance and
      permitting, including those created by changes in environmental
      legislation and regulation, and delays in obtaining permits and licenses
      that could impact expected mineral extraction and recovery levels and
      costs; </P></TD></TR>
  <TR vAlign=top>
    <TD align=left >&#149; </TD>
    <TD align=left width="95%" >
      <P align=justify>actions taken by regulatory authorities with respect to
      mineral extraction and recovery activities; </P></TD></TR>
  <TR vAlign=top>
    <TD align=left >&#149; </TD>
    <TD align=left width="95%" >
      <P align=justify>risks associated with the Company&#146;s dependence on third
      parties in the provision of transportation and other critical services or
      goods; </P></TD></TR>
  <TR vAlign=top>
    <TD align=left >&#149; </TD>
    <TD align=left width="95%" >
      <P align=justify>risks associated with the ability of the Company to
      extend or renew land tenure, including mineral leases and surface use
      agreements, on favorable terms or at all; </P></TD></TR>
  <TR vAlign=top>
    <TD align=left >&#149; </TD>
    <TD align=left width="95%" >
      <P align=justify>risks associated with the ability of the Company to
      negotiate access rights on certain properties on favorable terms or at
      all; </P></TD></TR>
  <TR vAlign=top>
    <TD align=left >&#149; </TD>
    <TD align=left width="95%" >
      <P align=justify>the adequacy of insurance coverage; </P></TD></TR>
  <TR vAlign=top>
    <TD align=left >&#149; </TD>
    <TD align=left width="95%" >
      <P align=justify>risks related to reclamation and decommissioning
      liabilities; </P></TD></TR>
  <TR vAlign=top>
    <TD align=left >&#149; </TD>
    <TD align=left width="95%" >
      <P align=justify>the ability of the Company&#146;s bonding companies to require
      increases in the collateral required to secure reclamation obligations;
      </P></TD></TR>
  <TR vAlign=top>
    <TD align=left >&#149; </TD>
    <TD align=left width="95%" >
      <P align=justify>the potential for, and outcome of, litigation and other
      legal proceedings, including potential injunctions pending the outcome of
      such litigation and proceedings; </P></TD></TR>
  <TR vAlign=top>
    <TD align=left >&#149; </TD>
    <TD align=left width="95%" >
      <P align=justify>the ability of the Company to meet its obligations to its
      creditors; </P></TD></TR>
  <TR vAlign=top>
    <TD align=left >&#149; </TD>
    <TD align=left width="95%" >
      <P align=justify>risks associated with paying off indebtedness at its
      maturity; </P></TD></TR>
  <TR vAlign=top>
    <TD align=left >&#149; </TD>
    <TD align=left width="95%" >
      <P align=justify>risks associated with the Company&#146;s relationships with
      its business and joint venture partners; </P></TD></TR>
  <TR vAlign=top>
    <TD align=left >&#149; </TD>
    <TD align=left width="95%" >
      <P align=justify>failure to obtain industry partner, government, and other
      third party consents and approvals, when required; </P></TD></TR>
  <TR vAlign=top>
    <TD align=left >&#149; </TD>
    <TD align=left width="95%" >
      <P align=justify>competition for, among other things, capital, mineral
      properties, and skilled personnel; </P></TD></TR>
  <TR vAlign=top>
    <TD align=left >&#149; </TD>
    <TD align=left width="95%" >
      <P align=justify>failure to complete proposed acquisitions and incorrect
      assessments of the value of completed acquisitions; </P></TD></TR>
  <TR vAlign=top>
    <TD align=left >&#149; </TD>
    <TD align=left width="95%" >
      <P align=justify>risks posed by fluctuations in share price levels,
      exchange rates and interest rates, and general economic conditions;
  </P></TD></TR>
  <TR vAlign=top>
    <TD align=left >&#149; </TD>
    <TD align=left width="95%" >
      <P align=justify>risks inherent in the Company&#146;s and industry analysts&#146;
      forecasts or predictions of future uranium and vanadium price levels;
    </P></TD></TR>
  <TR vAlign=top>
    <TD align=left >&#149; </TD>
    <TD align=left width="95%" >
      <P align=justify>fluctuations in the market prices of uranium and
      vanadium, which are cyclical and subject to substantial price
      fluctuations; </P></TD></TR>
  <TR vAlign=top>
    <TD align=left >&#149; </TD>
    <TD align=left width="95%" >
      <P align=justify>failure to obtain suitable uranium sales terms, including
      spot and term sale contracts; </P></TD></TR>
  <TR vAlign=top>
    <TD align=left >&#149; </TD>
    <TD align=left width="95%" >
      <P align=justify>risks associated with asset impairment as a result of
      market conditions; </P></TD></TR>
  <TR vAlign=top>
    <TD align=left >&#149; </TD>
    <TD align=left width="95%" >
      <P align=justify>risks associated with lack of access to markets and the
      ability to access capital; </P></TD></TR>
  <TR vAlign=top>
    <TD align=left >&#149; </TD>
    <TD align=left width="95%" >
      <P align=justify>the market price of Energy Fuels&#146; securities; </P></TD></TR>
  <TR vAlign=top>
    <TD align=left >&#149; </TD>
    <TD align=left width="95%" >
      <P align=justify>public resistance to nuclear energy or uranium extraction
      and recovery; </P></TD></TR></TABLE>
<P align=center>5 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_38></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left >&#149; </TD>
    <TD align=left width="95%" >uranium industry competition and
      international trade restrictions; </TD></TR>
  <TR vAlign=top>
    <TD align=left >&#149; </TD>
    <TD align=left width="95%" >risks related to higher than
      expected costs related to our Nichols Ranch Project and Canyon Project;
  </TD></TR>
  <TR vAlign=top>
    <TD align=left >&#149; </TD>
    <TD align=left width="95%" >risks related to securities
      regulations; </TD></TR>
  <TR vAlign=top>
    <TD align=left >&#149; </TD>
    <TD align=left width="95%" >risks related to stock price and
      volume volatility; </TD></TR>
  <TR vAlign=top>
    <TD align=left >&#149; </TD>
    <TD align=left width="95%" >risks related to our ability to
      maintain our listing on the NYSE MKT and/or TSX; </TD></TR>
  <TR vAlign=top>
    <TD align=left >&#149; </TD>
    <TD align=left width="95%" >risks related to our ability to
      maintain our inclusion in various stock indices; </TD></TR>
  <TR vAlign=top>
    <TD align=left >&#149; </TD>
    <TD align=left width="95%" >risks related to dilution of
      currently outstanding shares; </TD></TR>
  <TR vAlign=top>
    <TD align=left >&#149; </TD>
    <TD align=left width="95%" >risks related to our lack of
      dividends; </TD></TR>
  <TR vAlign=top>
    <TD align=left >&#149; </TD>
    <TD align=left width="95%" >risks related to recent market
      events; </TD></TR>
  <TR vAlign=top>
    <TD align=left >&#149; </TD>
    <TD align=left width="95%" >risks related to our issuance of
      additional Common Shares or other securities; </TD></TR>
  <TR vAlign=top>
    <TD align=left >&#149; </TD>
    <TD align=left width="95%" >risks related to acquisition and
      integration issues; </TD></TR>
  <TR vAlign=top>
    <TD align=left >&#149; </TD>
    <TD align=left width="95%" >risks related to defects in title
      to our mineral properties; </TD></TR>
  <TR vAlign=top>
    <TD align=left >&#149; </TD>
    <TD align=left width="95%" >risks related to our outstanding
      debt; and </TD></TR>
  <TR vAlign=top>
    <TD align=left >&#149; </TD>
    <TD align=left width="95%" >risks related to our securities.
    </TD></TR></TABLE>
<P align=justify>This list is not exhaustive of the factors that may affect our
forward-looking statements. Some of the important risks that could affect
forward-looking statements are described further in the documents incorporated
by reference into this Prospectus. Although we have attempted to identify
important factors that could cause actual results to differ materially from
those described in forward-looking statements, there may be other factors that
cause results not to be as anticipated, estimated or intended. Should one or
more of these risks materialize, or should underlying assumptions prove
incorrect, actual results may vary materially from those anticipated, believed,
estimated, or expected. We caution readers not to place undue reliance on any
such forward-looking statements, which speak only as of the date made. Except as
required by law, we disclaim any obligation to subsequently revise any
forward-looking statements to reflect events or circumstances after the date of
such statements or to reflect the occurrence of anticipated or unanticipated
events. Statements relating to &#147;mineral reserves&#148; or &#147;mineral resources&#148; are
deemed to be forward-looking information, as they involve the implied
assessment, based on certain estimates and assumptions that the mineral reserves
and mineral resources described may be profitably extracted in the future.</P>
<P align=justify><B>We qualify all the forward-looking statements contained in
this Prospectus and in the documents incorporated by reference into this
Prospectus by the foregoing cautionary statements</B>.</P>
<P align=center><B>CAUTIONARY NOTE TO UNITED STATES INVESTORS CONCERNING
DISCLOSURE OF MINERAL RESOURCES </B></P>
<P align=justify>This Prospectus contains or incorporates by reference certain
disclosure that has been prepared in accordance with the requirements of
Canadian securities laws, which differ from the requirements of the United
States&#146; securities laws. Unless otherwise indicated, all reserve and resource
estimates included in this Prospectus, and in the documents incorporated by
reference herein, have been prepared in accordance with Canadian National
Instrument 43-101 - <I>Standards of Disclosure for Mineral Projects</I> (&#147;<B>NI
43-101</B>&#148;) and the Canadian Institute of Mining, Metallurgy and Petroleum
(&#147;<B>CIM</B>&#148;) classification system. NI 43-101 is a rule developed by the
Canadian Securities Administrators (the &#147;<B>CSA</B>&#148;) which establishes
standards for all public disclosure an issuer makes of scientific and technical
information concerning mineral projects.</P>
<P align=justify>Canadian standards, including NI 43-101, differ significantly
from the requirements of the SEC. Reserve and resource information contained
herein, or incorporated by reference in this Prospectus, and in the documents
incorporated by reference herein, may not be comparable to similar information
disclosed by companies reporting under only United States standards. In
particular, and without limiting the generality of the foregoing, the term
&#147;resource&#148; does not equate to the term &#147;reserve&#148; under SEC Industry Guide 7.
Under United States standards, mineralization may not be classified as a
&#147;reserve&#148; unless the determination has been made that the mineralization could
be economically and legally produced or extracted at the time the reserve
determination is made. Under SEC Industry Guide 7 standards, a &#147;final&#148; or
&#147;bankable&#148; feasibility study is required to report reserves; the three-year
historical average price, to the extent possible, is used in any reserve or cash
flow analysis to designate reserves; and the primary environmental analysis or
report must be filed with the appropriate governmental authority. </P>
<P align=justify>The SEC&#146;s disclosure standards under Industry Guide 7 normally
do not permit the inclusion of information concerning &#147;measured mineral
resources&#148;, &#147;indicated mineral resources&#148; or &#147;inferred mineral resources&#148; or
other descriptions of the amount of mineralization in mineral deposits that do
not constitute &#147;reserves&#148; by United States standards in documents filed with the
SEC. United States investors should also understand that &#147;inferred mineral
resources&#148; have a great amount of uncertainty as to their existence and as to
their economic and legal feasibility. It cannot be assumed that all or any part
of an &#147;inferred mineral resource&#148; will ever be upgraded to a higher category.
Under Canadian rules, estimated &#147;inferred mineral resources&#148; may not form the
basis of feasibility or prefeasibility studies. <B>United States investors are
cautioned not to assume that all or any part of measured or indicated mineral
resources will ever be converted into mineral reserves. Investors are cautioned
not to assume that all or any part of an &#147;inferred mineral resource&#148; exists or
is economically or legally mineable.</B> </P>
<P align=justify>Disclosure of &#147;contained pounds&#148; or &#147;contained ounces&#148; in a
resource estimate is permitted disclosure under Canadian regulations; however,
the SEC normally only permits issuers to report mineralization that does not
constitute &#147;reserves&#148; by SEC standards as in-place tonnage and grade without
reference to unit measures. The requirements of NI 43-101 for identification of
&#147;reserves&#148; are also not the same as those of the SEC, and reserves reported by
the Company in compliance with NI 43-101 may not qualify as &#147;reserves&#148; under SEC
Industry Guide 7 standards. Accordingly, information concerning mineral deposits
set forth herein may not be comparable to information made public by companies
that report in accordance with United States standards. </P>
<P align=center>6 </P>
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<P align=justify><B>As a company incorporated in Canada, unless otherwise
indicated, we estimate and report our resources and our current reserves
according to the definitions set forth in NI 43-101. </B></P>
<P align=center><B>DOCUMENTS INCORPORATED BY REFERENCE </B></P>
<P align=justify>We incorporate by reference the documents listed below and
future filings we make with the SEC pursuant to Sections 13(a), 13(c), 14 or
15(d) of the Securities Exchange Act of 1934, as amended (which we refer to as
the &#147;<B>Exchange Ac</B>t&#148;) (excluding, unless otherwise provided therein or
herein, information furnished pursuant to Item 2.02, Item 7.01 and certain
exhibits furnished pursuant to Item 9.01 of our Current Reports on Form 8-K,
which are deemed to be furnished and not filed and therefore not incorporated by
reference herein, unless specifically stated otherwise in such filings, after
the date of the initial filing of this registration statement on Form S-3 to
which this Prospectus relates until the termination of the offering under this
Prospectus.) Any statement contained in a document incorporated by reference in
this prospectus shall be modified or superseded for purposes of this Prospectus
to the extent that a statement contained in this Prospectus, any related free
writing prospectus or in any other subsequently filed document which is
incorporated by reference modifies or supersedes such statement.</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">a. </TD>
    <TD>
      <P align=justify>our Annual Report on Form 10-K, for the year ended
      December 31, 2015, as filed with the SEC on March 15, 2016;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">b. </TD>
    <TD>
      <P align=justify>our proxy statement on Schedule 14A, dated March 24,
      2016, in connection with our May 18, 2016 annual meeting of
      shareholders;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">c. </TD>
    <TD>
      our Current Reports on Form 8-K filed with the SEC on January 26, 2016,
      February 1, 2016, March 8, 2016, March 10, 2016, March 14, 2016, and April
      20, 2016; and;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">d. </TD>
    <TD>
      <P align=justify>the description of our Common Shares contained in our
      registration statement on Form 40-F filed on November 15, 2013, including
      any amendment or report filed for purposes of updating such
      description.</P></TD></TR></TABLE>
<P align=justify>Copies of the documents incorporated by reference in this
Prospectus may be obtained on written or oral request without charge from our
Investor Relations department at 225 Union Blvd., Suite 600, Lakewood, Colorado,
80228 (telephone: (303) 974-2140).</P>
<P align=justify>We also maintain a web site at http://www.energyfuels.com
through which you can obtain copies of documents that we have filed with the
SEC. The contents of that site are not incorporated by reference into or
otherwise a part of this prospectus. </P>
<P align=center><B>USE OF PROCEEDS </B></P>
<P align=justify>Assuming the exercise of all of the previously issued Warrants,
we will receive gross proceeds of $8,050,000. We do not expect to pay any
expenses in connection with any Warrant exercises.</P>
<P align=justify>Unless otherwise set forth in any related free writing
prospectus we have authorized for use in connection with the offering, we intend
to use the proceeds in connection with this offering for general corporate
purposes. </P>
<P align=justify>We cannot estimate precisely the allocation of the net proceeds
from the exercise of the Warrants. Accordingly, our management team will have
broad discretion in the application of the net proceeds of this offering.</P>
<P align=center><B>DILUTION </B></P>
<P align=justify>Net tangible book value per share represents the amount of
total tangible assets less total liabilities, divided by the number of common
shares outstanding as of December 31, 2015. </P>
<P align=justify>After giving effect to the sale of an aggregate of 2,515,625
Common Shares in this offering at an aggregate exercise price of $8,050,000, our
pro forma as adjusted net tangible book value as of December 31, 2015 would have
been $143.34 million, or $2.92 per Common Share. This represents an immediate
increase in net tangible book value of $0.01 per Common Share to our already
existing shareholders and an immediate dilution in net tangible book value of
$0.28 per Common Share to purchasers in this offering. The following table
illustrates this calculation on a per share basis: </P>
<P align=center>7 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_40></A><BR>
<DIV align=center>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="80%" border=0>

  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >Public offering price per
      share </TD>
    <TD align=right width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="11%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="11%" bgColor=#e6efff>&nbsp;3.20 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >Pro forma net tangible book value per share
      as of December 31, 2015 </TD>
    <TD align=left width="1%" >$</TD>
    <TD align=right width="11%" >&nbsp;2.91 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="11%"></TD>
    <TD align=right width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >Increase per share
      attributable to this offering </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="11%"
     bgColor=#e6efff>&nbsp;0.01 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="11%" bgColor=#e6efff></TD>
    <TD align=right width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >Pro forma as adjusted net tangible book value
      per share as of December 31, 2015 </TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="11%" >&nbsp;</TD>
    <TD align=right width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="11%">&nbsp;2.92 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >Dilution per share to
      investors participating in this offering </TD>
    <TD align=right width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="11%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right width="11%"
    bgColor=#e6efff>&nbsp;0.28 </TD>
    <TD align=left width="2%"
  bgColor=#e6efff>&nbsp;</TD></TR></TABLE></DIV>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The above discussion and table
are based on 46,519,132 Common Shares issued and outstanding as of December 31,
2015 on a pro forma basis and excludes the following: </P>
<UL style="TEXT-ALIGN: justify">
  <LI>
  <P style="margin-bottom: 12">290,807 Common Shares issued in January 2016; </P>
  <LI>
  <P style="margin-bottom: 12">48,026 Common Shares issued in February 2016; </P>
  <LI>
  <P style="margin-bottom: 12">5,032,450 Common Shares issued in March 2016; </P>
  <LI>
  <P style="margin-bottom: 12">4,547,598 Common Shares issuable upon the
  exercise of share purchase warrants outstanding as of April 29, 2016, at a
  weighted average exercise price of $5.04<SUP> </SUP>per share (including the Warrants); </P>
  <LI>
  <P style="margin-bottom: 12">2,420,307 Common Shares issuable upon the
  exercise of options outstanding as of April 29, 2016, at a weighted average
  exercise price of $5.83<SUP>
  </SUP>per share; </P>
  <LI>
  <P style="margin-bottom: 12">1,075,779 Common shares issuable upon the vesting of restricted share units
  outstanding as of April 29, 2016; and </P>
  <LI>
  <P style="margin-bottom: 12">2,850,358 Common Shares reserved for future issuance under our 2015 Omnibus
  Equity Compensation Plan as of April 29, 2016. </P></LI></UL>
<P style="MARGIN-LEFT: 3%" align=justify><SUP>1</SUP>Options and Warrants which
are granted and are reported in Canadian dollars were translated into US Dollars
at the April 29, 2016 foreign exchange rate of 1 Cdn$ = $0.7969 US Dollar.
</P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To the extent that any outstanding options or
warrants are exercised, new options are issued under our 2015 Omnibus Equity
Incentive Plan, or we otherwise issue additional common shares in the future,
there will be further dilution to new investors. </P>
<P align=center><B>PLAN OF DISTRIBUTION </B></P>
<P align=justify>We are offering 2,515,625 Common Shares issuable upon the
exercise of outstanding Warrants previously issued by us in March 2016. Common
Shares issued upon exercise of the outstanding Warrants will trade on the NYSE
MKT under the symbol &#147;UUUU&#148; and on the TSX under the symbol &#147;EFI&#148;.</P>
<P align=justify>The Common Shares issuable upon the exercise of the Warrants
will not be offered through underwriters, brokers or dealers. We will not pay
any compensation in connection with the offering of the Common Shares upon
exercise of the Warrants. Pursuant to the terms of the Warrants, the Common
Shares will be distributed to those Warrant holders who properly exercise their
Warrants and deliver payment of the aggregate exercise price, in accordance with
the terms of the Warrants.</P>
<P align=center><B>CERTAIN UNITED STATES FEDERAL INCOME TAX CONSIDERATIONS
</B></P>
<P align=justify>The following is a general summary of certain U.S. federal
income tax considerations applicable to a U.S. Holder (as defined below) arising
from and relating to the acquisition, ownership and disposition of Common Shares
acquired pursuant to this Prospectus. </P>
<P align=justify>This summary is for general information purposes only and does
not purport to be a complete analysis or listing of all potential U.S. federal
income tax considerations that may apply to a U.S. Holder as a result of the
acquisition of Common Shares pursuant to this Prospectus. In addition, this
summary does not take into account the individual facts and circumstances of any
particular U.S. Holder that may affect the U.S. federal income tax consequences
to such U.S. Holder, including specific tax consequences to a U.S. Holder under
an applicable tax treaty. Accordingly, this summary is not intended to be, and
should not be construed as, legal or U.S. federal income tax advice with respect
to any particular U.S. Holder. In addition, except as specifically set forth
below, this summary does not discuss applicable tax reporting requirements. Each
U.S. Holder should consult its own tax advisor regarding the U.S. federal, U.S.
federal alternative minimum, U.S. federal estate and gift, U.S. state and local,
and non-U.S. tax consequences relating to the acquisition, ownership and
disposition of Common Shares. </P>
<P align=justify>No opinion from legal counsel or ruling from the Internal
Revenue Service (the &#147;<B>IRS</B>&#148;) has been requested, or will be obtained,
regarding the U.S. federal income tax considerations applicable to U.S. Holders
as discussed in this summary. This summary is not binding on the IRS, and the
IRS is not precluded from taking a position that is different from, and contrary
to, the positions taken in this summary. In addition, because the authorities on which this summary is
based are subject to various interpretations, the IRS and the U.S. courts could
disagree with one or more of the positions taken in this summary. </P>
<P align=center>&nbsp;8 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
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<A name=page_41></A>
<P align=justify><B>Scope of this Summary </B></P>
<P align=justify><B><I>Authorities </I></B></P>
<P align=justify>This summary is based on the Internal Revenue Code of 1986, as
amended (the &#147;<B>Code</B>&#148;), Treasury Regulations (whether final, temporary, or
proposed) promulgated under the Code, published rulings of the IRS, published
administrative positions of the IRS, U.S. court decisions and the United
States-Canada tax convention (&#147;<B>U.S. Treaty</B>&#148;), that are in effect and
available, as of the date of this document. Any of the authorities on which this
summary is based could be changed in a material and adverse manner at any time,
and any such change could be applied on a retroactive basis or prospective basis
which could affect the U.S. federal income tax considerations described in this
summary. This summary does not discuss the potential effects, whether adverse or
beneficial, of any proposed legislation that, if enacted, could be applied on a
retroactive or prospective basis. </P>
<P align=justify><B><I>U.S. Holders </I></B></P>
<P align=justify>For purposes of this summary, the term &#147;<B>U.S. Holder</B>&#148;
means a beneficial owner of Common Shares acquired pursuant to this Prospectus
that is for U.S. federal income tax purposes: </P>
<UL style="TEXT-ALIGN: justify">
  <LI>
  <P style="margin-bottom: 12">a citizen or individual resident of the United States; </P>
  <LI>
  <P style="margin-bottom: 12">a corporation (or other entity treated as a corporation for U.S. federal
  income tax purposes) organized under the laws of the United States, any state
  thereof or the District of Columbia; </P>
  <LI>
  <P style="margin-bottom: 12">an estate whose income is subject to U.S. federal income taxation
  regardless of its source; or </P>
  <LI>
  <P style="margin-bottom: 12">a trust that (1) is subject to the primary supervision of a court within
  the United States and the control of one or more U.S. persons for all
  substantial decisions or (2) has a valid election in effect under applicable
  Treasury Regulations to be treated as a U.S. person. </P></LI></UL>
<P align=justify><B><I>Non-U.S. Holders </I></B></P>
<P align=justify>For purposes of this summary, a &#147;<B>non-U.S. Holder</B>&#148; is a
beneficial owner of Common Shares that is not a U.S. Holder and is not a
partnership for U.S. federal income tax purposes. This summary does not address
the U.S. federal income tax consequences to non-U.S. Holders arising from and
relating to the acquisition, ownership, and disposition of Common Shares.
Accordingly, a non-U.S. Holder should consult its own tax advisor regarding the
U.S. federal, U.S. federal alternative minimum, U.S. federal estate and gift,
U.S. state and local, and non-U.S. tax consequences (including the potential
application of and operation of any income tax treaties) relating to the
acquisition, ownership, and disposition of Common Shares. </P>
<P align=justify><B><I>U.S. Holders Subject to Special U.S. Federal Income Tax
Rules Not Addressed</I></B></P>
<P align=justify>This summary does not address the U.S. federal income tax
considerations applicable to U.S. Holders that are subject to special provisions
under the Code, including U.S. Holders that: (a) are tax-exempt organizations,
qualified retirement plans, individual retirement accounts, or other
tax-deferred accounts; (b) are financial institutions, underwriters, insurance
companies, real estate investment trusts, or regulated investment companies; (c)
are brokers or dealers in securities or currencies or U.S. Holders that are
traders in securities that elect to apply a mark-to-market accounting method;
(d) have a &#147;functional currency&#148; other than the U.S. dollar; (e) own Common
Shares as part of a straddle, hedging transaction, conversion transaction,
constructive sale, or other arrangement involving more than one position; (f)
acquired Common Shares in connection with the exercise of employee stock options
or otherwise as compensation for services; (g) hold Common Shares other than as
a capital asset within the meaning of Section 1221 of the Code (generally,
property held for investment purposes); (h) are partnerships and other
pass-through entities (and investors in such partnerships and entities); or (i)
own, have owned or will own (directly, indirectly, or by attribution) 10% or
more of the total combined voting power of the Company&#146;s outstanding shares.
This summary also does not address the U.S. federal income tax considerations
applicable to U.S. Holders who are (a) U.S. expatriates or former long-term
residents of the U.S., (b) persons (as defined below) that have been, are, or
will be a resident or deemed to be a resident in Canada for purposes of the Income Tax
Act of Canada (&#147;<B>Tax Act</B>&#148;); (c) persons that use or hold, will use or
hold, or that are or will be deemed to use or hold Common Shares in connection
with carrying on a business in Canada; (d) persons whose Common Shares
constitute &#147;taxable Canadian property&#148; under the Tax Act; or (e) persons that
have a permanent establishment in Canada for the purposes of the U.S. Treaty.
U.S. Holders that are subject to special provisions under the Code, including
U.S. Holders described immediately above, should consult their own tax advisor
regarding the U.S. federal, U.S. federal alternative minimum, U.S. federal
estate and gift, U.S. state and local, and non-U.S. tax consequences relating to
the acquisition, ownership and disposition of Common Shares. </P>
<P align=justify>If an entity or arrangement that is classified as a partnership
for U.S. federal income tax purposes holds Common Shares, the U.S. federal
income tax consequences to such entity or arrangement and the owners of such
entity or arrangement generally will depend on the activities of such entity or
arrangement and the status of such owners. This summary does not address the tax
consequences to any such entity or arrangement or owner. Owners of entities or
arrangements that are classified as partnerships for U.S. federal income tax
purposes should consult their own tax advisor regarding the U.S. federal income
tax consequences arising from and relating to the acquisition, ownership, and
disposition of Common Shares. </P>
<P align=center>9 </P>
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<P align=justify><B><I>Tax Consequences Not Addressed</I></B></P>
<P align=justify>This summary does not address the U.S. federal alternative
minimum, U.S. federal estate and gift, U.S. state and local, and non-U.S. tax
consequences to U.S. Holders of the acquisition, ownership, and disposition of
Common Shares. Each U.S. Holder should consult its own tax advisor regarding the
U.S. federal alternative minimum, U.S. federal estate and gift, U.S. state and
local, and non-U.S. tax consequences of the acquisition, ownership, and
disposition of Common Shares. </P>
<P align=justify><B>U.S. Federal Income Tax Consequences of the Acquisition,
Ownership, and Disposition of Common Shares </B></P>
<P align=justify>The following discussion is subject in its entirety to the
rules described below under the heading &#147;<I>Passive Foreign Investment Company
Rules</I>.&#148; </P>
<P align=justify><B><I>Distributions on Common Shares</I></B></P>
<P align=justify>A U.S. Holder that receives a distribution, including a
constructive distribution, with respect to Common Shares will be required to
include the amount of such distribution in gross income as a dividend (without
reduction for any Canadian income tax withheld from such distribution) to the
extent of the Company&#146;s current or accumulated &#147;earnings and profits&#148;, as
computed for U.S. federal income tax purposes. A dividend generally will be
taxed to a U.S. Holder at ordinary income tax rates. To the extent that a
distribution exceeds the current and accumulated &#147;earnings and profits&#148; of the
Company, such distribution will be treated first as a tax-free return of capital
to the extent of a U.S. Holder&#146;s tax basis in the Common Shares and thereafter
as gain from the sale or exchange of such Common Shares (see &#147;<I>Sale or Other
Taxable Disposition of Common Shares</I>&#148; below). However, the Company may not
maintain the calculations of earnings and profits in accordance with U.S.
federal income tax principles, and each U.S. Holder may be required to assume
that any distribution by the Company with respect to the Common Shares will
constitute ordinary dividend income. Dividends received on Common Shares
generally will not be eligible for the &#147;dividends received deduction.&#148; Subject
to applicable limitations and provided the Company is eligible for the benefits
of the U.S. Treaty or the Common Shares are readily tradable on a United States
securities market, dividends paid by the Company to non-corporate U.S. Holders,
including individuals, generally will be eligible for the preferential tax rates
applicable to long-term capital gains for dividends, provided certain holding
period and other conditions are satisfied, including that the Company not be
classified as a PFIC (as defined below) in the tax year of distribution or in
the preceding tax year. The dividend rules are complex, and each U.S. Holder
should consult its own tax advisor regarding the application of such rules. </P>
<P align=justify><B><I>Sale or Other Taxable Disposition of Common
Shares</I></B></P>
<P align=justify>Upon the sale or other taxable disposition of Common Shares, a
U.S. Holder generally will recognize capital gain or loss in an amount equal to
the difference between (a) the amount of cash plus the fair market value of any
property received and (b) such U.S. Holder&#146;s tax basis in such Common Shares
sold or otherwise disposed of. Gain or loss recognized on such sale or other
disposition generally will be long-term capital gain or loss if, at the time of
the sale or other disposition, the Common Shares have been held for more than
one year. </P>
<P align=justify>Preferential tax rates may apply to long-term capital gain of a
U.S. Holder that is an individual, estate, or trust. There are no preferential
tax rates for long-term capital gain of a U.S. Holder that is a corporation.
Deductions for capital losses are subject to significant limitations under the
Code. </P>
<P align=justify><B>Passive Foreign Investment Company Rules </B></P>
<P align=justify>If the Company were to constitute a passive foreign investment
company under section 1297 of the Code (&#147;<B>PFIC</B>&#148;) for any year during a
U.S. Holder&#146;s holding period, then certain potentially adverse rules would
affect the U.S. federal income tax consequences to a U.S. Holder resulting from
the acquisition, ownership and disposition of Common Shares. The Company
believes that it was not a PFIC during the prior tax year ended on December 31,
2015, and based on current business plans and financial expectations, the
Company expects that it will not be a PFIC for the current tax year and expects
that it will not be a PFIC for the foreseeable future. No opinion of legal
counsel or ruling from the IRS concerning the status of the Company as a PFIC
has been obtained or is currently planned to be requested. PFIC classification
is fundamentally factual in nature, generally cannot be determined until the
close of the tax year in question, and is determined annually. Additionally, the
analysis depends, in part, on the application of complex U.S. federal income tax
rules, which are subject to differing interpretations. Consequently, there can
be no assurance that the Company has never been, is not, and will not become a
PFIC for any tax year during which U.S. Holders hold Common Shares. </P>
<P align=justify>In addition, in any year in which the Company is classified as
a PFIC, U.S. Holders will be required to file an annual report with the IRS
containing such information as Treasury Regulations and/or other IRS guidance
may require. In addition to penalties, a failure to satisfy such reporting
requirements may result in an extension of the time period during which the IRS
can assess a tax. U.S. Holders should consult their own tax advisors regarding
the requirements of filing such information returns under these rules, including
the requirement to file a IRS Form 8621. </P>
<P align=center>10 </P>
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<P align=justify>The Company will be a PFIC if, for a tax year, (a) 75% or more
of the gross income of the Company for such tax year is passive income (the
&#147;<B>income test</B>&#148;) or (b) 50% or more of the value of the Company&#146;s assets
either produce passive income or are held for the production of passive income
(the &#147;<B>asset test</B>&#148;), based on the quarterly average of the fair market
value of such assets. &#147;<B>Gross income</B>&#148; generally includes all sales
revenues less the cost of goods sold, plus income from investments and from
incidental or outside operations or sources, and &#147;passive income&#148; generally
includes, for example, dividends, interest, certain rents and royalties, certain
gains from the sale of stock and securities, and certain gains from commodities
transactions. In addition, for purposes of the PFIC income test and asset test
described above, if the Company owns, directly or indirectly, 25% or more of the
total value of the outstanding shares of another corporation, the Company will
be treated as if it (a) held a proportionate share of the assets of such other
corporation and (b) received directly a proportionate share of the income of
such other corporation. </P>
<P align=justify>Under certain attribution rules, if the Company is a PFIC, U.S.
Holders will be deemed to own their proportionate share of any subsidiary of the
Company which is also a PFIC (a <B>&#145;&#145;Subsidiary PFIC</B>&#146;&#146;), and will be subject
to U.S. federal income tax on (i) a distribution on the shares of a Subsidiary
PFIC or (ii) a disposition of shares of a Subsidiary PFIC, both as if the holder
directly held the shares of such Subsidiary PFIC. </P>
<P align=justify>If the Company were a PFIC in any tax year and a U.S. Holder
held Common Shares, such holder generally would be subject to special rules
under Section 1291 of the Code with respect to &#147;excess distributions&#148; made by
the Company on the Common Shares and with respect to gain from the disposition
of Common Shares. An &#147;excess distribution&#148; generally is defined as the excess of
distributions with respect to the Common Shares received by a U.S Holder in any
tax year over 125% of the average annual distributions such U.S. Holder has
received from the Company during the shorter of the three preceding tax years,
or such U.S. Holder&#146;s holding period for the Common Shares. Generally, a U.S.
Holder would be required to allocate any excess distribution or gain from the
disposition of the Common Shares ratably over its holding period for the Common
Shares. Such amounts allocated to the year of the disposition or excess
distribution would be taxed as ordinary income, and amounts allocated to prior
tax years would be taxed as ordinary income at the highest tax rate in effect
for each such year and an interest charge at a rate applicable to underpayments
of tax would apply. </P>
<P align=justify>While there are U.S. federal income tax elections that
sometimes can be made to mitigate these adverse tax consequences (including,
without limitation, the &#147;<B>QEF Election</B>&#148; under Section 1295 of the Code and
the &#147;<B>Mark-to-Market Election</B>&#148; under Section 1296 of the Code), such
elections are available in limited circumstances and must be made in a timely
manner. U.S. Holders should be aware that, for each tax year, if any, that the
Company is a PFIC, the Company can provide no assurances that it will satisfy
the record keeping requirements of a PFIC, or that it will make available to
U.S. Holders the information such U.S. Holders require to make a QEF Election
with respect to the Company or any Subsidiary PFIC. U.S. Holders should consult
with their own tax advisors regarding the potential application of the PFIC
rules to the ownership and disposition of Common Shares, and the availability of
certain U.S. tax elections under the PFIC rules. </P>
<P align=justify><B>Additional Tax Considerations </B></P>
<P align=justify><B><I>Receipt of Foreign Currency</I></B><B><I> </I></B></P>
<P align=justify>The amount of any distribution paid to a U.S. Holder in foreign
currency or on the sale, exchange or other taxable disposition of Common Shares
generally will be equal to the U.S. dollar value of such foreign currency based
on the exchange rate applicable on the date of receipt (regardless of whether
such foreign currency is converted into U.S. dollars at that time). If the
foreign currency received is not converted into U.S. dollars on the date of
receipt, a U.S. Holder will have a tax basis in the foreign currency equal to
its U.S. dollar value on the date of receipt. Any U.S. Holder who receives
payment in foreign currency and engages in a subsequent conversion or other
disposition of the foreign currency may have a foreign currency exchange gain or
loss that would be treated as ordinary income or loss, and generally will be
U.S. source income or loss for foreign tax credit purposes. Different rules
apply to U.S. Holders who use the accrual method of tax accounting. Each U.S.
Holder should consult its own U.S. tax advisor regarding the U.S. federal income
tax consequences of receiving, owning, and disposing of foreign currency. </P>
<P align=justify><B><I>Foreign Tax Credit</I></B></P>
<P align=justify>Subject to the PFIC rules discussed above, a U.S. Holder that
pays (whether directly or through withholding) Canadian income tax with respect
to dividends paid on the Common Shares generally will be entitled, at the
election of such U.S. Holder, to receive either a deduction or a credit for such
Canadian income tax paid. Generally, a credit will reduce a U.S. Holder&#146;s U.S.
federal income tax liability on a dollar-for-dollar basis, whereas a deduction
will reduce a U.S. Holder&#146;s income subject to U.S. federal income tax. This
election is made on a year-by-year basis and applies to all foreign taxes paid
(whether directly or through withholding) by a U.S. Holder during a year. </P>
<P align=justify>Complex limitations apply to the foreign tax credit, including
the general limitation that the credit cannot exceed the proportionate share of
a U.S. Holder&#146;s U.S. federal income tax liability that such U.S. Holder&#146;s
&#147;foreign source&#148; taxable income bears to such U.S. Holder&#146;s worldwide taxable
income. In applying this limitation, a U.S. Holder&#146;s various items of income and
deduction must be classified, under complex rules, as either &#147;foreign source&#148; or
&#147;U.S. source.&#148; Generally, dividends paid by a foreign corporation (including
constructive dividends) should be treated as foreign source for this purpose,
and gains recognized on the sale of stock of a foreign corporation by a U.S.
Holder should be treated as U.S. source for this purpose, except as otherwise
provided in an applicable income tax treaty, and if an election is properly made
under the Code. However, the amount of a distribution with respect to the Common
Shares that is treated as a &#147;dividend&#148; may be lower for U.S. federal income tax
purposes than it is for Canadian federal income tax purposes, resulting in a
reduced foreign tax credit allowance to a U.S. Holder. In addition, this limitation
is calculated separately with respect to specific categories of income. The
foreign tax credit rules are complex, and each U.S. Holder should consult its
own tax advisor regarding the foreign tax credit rules. </P>
<P align=center>11 </P>
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<P align=justify><B><I>Additional Tax on Passive Income</I></B></P>
<P align=justify>Certain U.S. Holders that are individuals, estates or trusts
(other than trusts that are exempt from tax) will be subject to a 3.8% tax on
all or a portion of their &#147;net investment income,&#148; which includes dividends on
the Common Shares, and net gains from the disposition of the Common Shares.
Further, excess distributions treated as dividends, gains treated as excess
distributions, and mark-to-market inclusions and deductions under the PFIC rules
discussed above are all included in the calculation of net investment income.
Special rules apply to PFICs. U.S. Holders that are individuals, estates or such
trusts should consult their own tax advisors regarding the applicability of this
tax to any of their income or gains in respect of the Common Shares. </P>
<P align=justify><B><I>Information Reporting; Backup Withholding
Tax</I></B></P>
<P align=justify>Under U.S. federal income tax law certain categories of U.S.
Holders must file information returns with respect to their investment in, or
involvement in, a foreign corporation. For example, U.S. return disclosure
obligations (and related penalties) are imposed on U.S. Holders that hold
certain specified foreign financial assets in excess of certain threshold
amounts. The definition of specified foreign financial assets includes not only
financial accounts maintained in foreign financial institutions, but also,
unless held in accounts maintained by a financial institution, any stock or
security issued by a non-U.S. person. U. S. Holders may be subject to these
reporting requirements unless their Common Shares are held in an account at
certain financial institutions. Penalties for failure to file certain of these
information returns are substantial. U.S. Holders should consult their own tax
advisors regarding the requirements of filing information returns, including the
requirement to file IRS Form 8938. </P>
<P align=justify>Payments made within the United States, or by a U.S. payor or
U.S. middleman, of dividends on, and proceeds arising from the sale or other
taxable disposition of the Common Shares generally may be subject to information
reporting and backup withholding tax, at the rate of 28%, if a U.S. Holder (a)
fails to furnish its correct U.S. taxpayer identification number (generally on
Form W-9), (b) furnishes an incorrect U.S. taxpayer identification number, (c)
is notified by the IRS that such U.S. Holder has previously failed to properly
report items subject to backup withholding tax, or (d) fails to certify, under
penalty of perjury, that it has furnished its correct U.S. taxpayer
identification number and that the IRS has not notified such U.S. Holder that it
is subject to backup withholding tax. However, certain exempt persons, such as
U.S. Holders that are corporations, generally are excluded from these
information reporting and backup withholding tax rules. Any amounts withheld
under the U.S. backup withholding tax rules will be allowed as a credit against
a U.S. Holder&#146;s U.S. federal income tax liability, if any, or will be refunded,
if such U.S. Holder furnishes required information to the IRS in a timely
manner. </P>
<P align=justify>The discussion of reporting requirements set forth above is not
intended to constitute a complete description of all reporting requirements that
may apply to a U.S. Holder. A failure to satisfy certain reporting requirements
may result in an extension of the time period during which the IRS can assess a
tax, and under certain circumstances, such an extension may apply to assessments
of amounts unrelated to any unsatisfied reporting requirement. Each U.S. Holder
should consult its own tax advisors regarding the information reporting and
backup withholding rules. </P>
<P align=justify><B>THE ABOVE SUMMARY IS NOT INTENDED TO CONSTITUTE A COMPLETE
ANALYSIS OF ALL TAX CONSIDERATIONS APPLICABLE TO U.S. HOLDERS WITH RESPECT TO
THE ACQUISITION, OWNERSHIP, AND DISPOSITION OF COMMON SHARES. U.S. HOLDERS
SHOULD CONSULT THEIR OWN TAX ADVISORS AS TO THE TAX CONSIDERATIONS APPLICABLE TO
THEM IN THEIR OWN PARTICULAR CIRCUMSTANCES. </B></P>
<P align=center><B>CERTAIN CANADIAN FEDERAL INCOME TAX CONSIDERATIONS </B></P>
<P align=justify>The following summary describes, as of the date hereof, the
principal Canadian federal income tax considerations under the Tax Act, generally applicable to a holder who acquires,
as beneficial owner, the Common Shares pursuant to this Prospectus and who, for
purposes of the Tax Act and at all relevant times, (i) holds the Common Shares
as capital property; (ii) and deals at arm&#146;s length with the Company, the
Underwriters and any subsequent purchaser of such securities; (iii) is not, and
is not deemed to be resident in Canada; and (iv) does not use or hold and will
not be deemed to use or hold, the Common Shares in a business carried on in
Canada, (a &#147;<B>Non-Resident Holder</B>&#148;). Generally, the Common Shares will be
considered to be capital property to a Non-Resident Holder provided the
Non-Resident Holder does not hold the Common Shares in the course of carrying on
a business of trading or dealing in securities and has not acquired them in one
or more transactions considered to be an adventure or concern in the nature of
trade. Special rules, which are not discussed in this summary, may apply to a
Non-Resident Holder that is an insurer that carries on an insurance business in
Canada and elsewhere. Such Non-Resident Holders should seek advice from their
own tax advisors. </P>
<P align=justify>This summary is based upon the provisions of the Tax Act in
force as of the date hereof, all specific proposals to amend the Tax Act that
have been publicly and officially announced by or on behalf of the Minister of
Finance (Canada) prior to the date hereof (the &#147;<B>Proposed Amendments</B>&#148;) and
counsel&#146;s understanding of the current administrative and assessing policies and
practices of the Canada Revenue Agency (the &#147;<B>CRA</B>&#148;), published in writing by it prior to
the date hereof. This summary assumes the Proposed Amendments will be enacted in
the form proposed. However, no assurance can be given that the Proposed
Amendments will be enacted in their current form, or at all. This summary is not
exhaustive of all possible Canadian federal income tax considerations and,
except for the Proposed Amendments, does not take into account or anticipate any
changes in the law or any changes in the CRA&#146;s administrative and assessing
policies or practices, whether by legislative, governmental or judicial action
or decision, nor does it take into account or anticipate any other federal or
any provincial, territorial or foreign tax considerations, which may differ
significantly from those discussed herein. This summary is not intended to be,
nor should it be construed to be, legal or tax advice to any particular
Non-Resident Holder, and no representations with respect to the income tax
consequences to any Non-Resident Holder are made. Consequently, Non-Resident
Holders should consult their own tax advisors with respect to the tax
consequences applicable to them, having regard to their own particular
circumstances. </P>
<P align=center>12 </P>
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<P align=justify><B><I>Currency Conversion </I></B></P>
<P align=justify>Generally, for purposes of the Tax Act, all amounts relating to
the acquisition, holding or disposition of the Common Shares must be converted
into Canadian dollars based on the exchange rates as determined in accordance
with the Tax Act. </P>
<P align=justify><B><I>Receipt of Dividends</I></B></P>
<P align=justify>Dividends paid or credited or deemed to be paid or credited to
a Non-Resident Holder by the Company on the Common Shares are subject to
Canadian withholding tax at the rate of 25% of the gross amount of the dividend
unless reduced by the terms of an applicable tax treaty. NonResident Holders
should consult their own tax advisors in this regard. </P>
<P align=justify>Under the U.S. Treaty, the rate of withholding tax on dividends paid or  credited to a Non-Resident Holder who is resident in the U.S. for purposes of  the U.S. Treaty and entitled to benefits under the U.S. Treaty (a &ldquo;<b>U.S. Tax  Treaty Holder</b>&rdquo;) is generally reduced to 15% of the gross amount of the  dividend (or 5% in the case of a U.S. Tax Treaty Holder that is a company that  beneficially owns at least 10% of the Company&rsquo;s voting shares). Non-Resident  Holders should consult their own tax advisors in this regard.</P>
<P align=justify><B><I>Disposition of Common Shares </I></B></P>
<P align=justify>A Non-Resident Holder generally will not be subject to tax
under the Tax Act in respect of a capital gain realized on the disposition or
deemed disposition of a Common Share, unless such Common Share, constitutes
&#147;taxable Canadian property&#148; (as defined in the Tax Act) to the Non-Resident
Holder at the time of disposition and the gain is not exempt from tax pursuant
to the terms of an applicable tax treaty. </P>
<P align=justify>Provided the Common Shares are listed on a &#147;designated stock
exchange&#148;, as defined in the Tax Act (which currently includes the TSX and the
NYSE MKT) at the time of disposition, the Common Shares will generally not
constitute taxable Canadian property of a Non-Resident Holder at that time,
unless at any time during the 60-month period immediately preceding the
disposition the following two conditions are satisfied concurrently: (i) (a) the
Non-Resident Holder; (b) persons with whom the Non-Resident Holder did not deal
at arm&#146;s length; (c) partnerships in which the Non-Resident Holder or a person
described in (b) holds a membership interest directly or indirectly through one
or more partnerships; or (d) any combination of the persons and partnerships
described in (a) through (c), owned 25% or more of the issued shares of any
class or series of shares of the Company; and (ii) more than 50% of the fair
market value of the Common Shares, was derived directly or indirectly from one
or any combination of: real or immovable property situated in Canada, &#147;Canadian
resource properties&#148;, &#147;timber resource properties&#148; (each as defined in the Tax
Act), and options in respect of, or interests in or for civil law rights in,
such properties. Notwithstanding the foregoing, in certain circumstances set out
in the Tax Act, the Common Shares could be deemed to be taxable Canadian
property.</P>
<P align=justify>Even if the Common Shares are taxable Canadian property to a
Non-Resident Holder, such Non-Resident Holder may be exempt from tax under the
Tax Act on the disposition of such Common Shares by virtue of an applicable
income tax treaty or convention. Non-Resident Holders who may hold Common Shares
as taxable Canadian property should consult their own tax advisors. </P>
<P align=center><B>TRANSFER AGENT AND REGISTRAR </B></P>
<P align=justify>Our registrar and transfer agent for our Common Shares and
Warrants is CST Trust Company at its principal offices in Toronto, Ontario,
Canada, and American Stock &amp; Transfer Company, LLC at its principal offices
in Brooklyn, New York, is our transfer agent for the Warrants in the United
States. </P>
<P align=center><B>LEGAL MATTERS </B></P>
<P align=justify>Certain legal matters related to the Common Shares offered by
this Prospectus will be passed upon on our behalf by Dorsey &amp; Whitney LLP,
with respect to matters of United States law, and Borden Ladner Gervais LLP,
with respect to matters of Canadian law. </P>
<P align=center><B>EXPERTS</B></P>
<P align=justify>Information relating to our mineral properties in this
Prospectus and the documents incorporated by reference herein has been derived
from reports, statements or opinions prepared or certified by Roscoe Postle
Associates Inc., William E. Roscoe, Douglas T. Underhill, Thomas C. Pool, Barton
G. Stone, Robert Michaud, Stuart E. Collins, Mark B. Mathisen, Harold R.
Roberts, David A. Ross, Peters Geosciences, Douglas C. Peters, BRS Inc., Douglas
L. Beahm, W. Paul Goranson, Douglass Graves, Richard White, Don R. Woody, Woody
Enterprises, Terrence P. McNulty, T.P. McNulty &amp; Associates Inc.,
Chlumsky, Ambrust and Meyer, Geoffrey S. Carter, Broad Oak Associates, Trec,
Inc., Allan Moran, Frank A. Daviess, SRK Consulting (U.S.) Inc., Christopher
Moreton, Richard L. Nielsen, Robert L. Sandefur, Matthew P. Reilly, this
information has been included in reliance on such companies and persons&#146;
expertise.</P>
<P align=center>13 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_46></A>
<P align=justify>None of Roscoe Postle Associates Inc., William E. Roscoe,
Douglas T. Underhill, Thomas C. Pool, Barton G. Stone, Robert Michaud, Stuart E.
Collins, Mark B. Mathisen, Harold R. Roberts, David A. Ross, Peters Geosciences,
Douglas C. Peters, BRS Inc., Douglas L. Beahm, W. Paul Goranson, Douglass
Graves, Richard White, Don R. Woody, Woody Enterprises, Terrence P. McNulty,
T.P. McNulty &amp; Associates Inc., Chlumsky, Ambrust and Meyer, Geoffrey S.
Carter, Broad Oak Associates, Trec, Inc., Allan Moran, Frank A. Daviess, SRK
Consulting (U.S.) Inc., Christopher Moreton, Richard L. Nielsen, Robert L.
Sandefur, Matthew P. Reilly, each being companies and persons who have prepared
or certified the preparation of reports, statements or opinions in this
Prospectus and the documents incorporated by reference herein relating to our
mineral properties, or any director, officer, employee or partner thereof, as
applicable, received or has received a direct or indirect interest in our
property or of any of our associates or affiliates. As at the date hereof, the
aforementioned persons, companies and persons at the companies specified above
who participated in the preparation of such reports, statements or opinions, as
a group, beneficially own, directly or indirectly, less than 1% of our
outstanding Common Shares. </P>
<P align=justify>Our consolidated financial statements as at December 31, 2015
and 2014, and for each of the years in the three- year period ended December 31,
2015, have been incorporated by reference herein in reliance upon the report of
KPMG LLP, independent registered public accounting firm, also incorporated by
reference herein, and upon the authority of that firm as experts in accounting
and auditing. </P>
<P align=center><B>WHERE YOU CAN FIND MORE INFORMATION </B></P>
<P align=justify>We file annual, quarterly and current reports, proxy statements
and other information with the SEC. Our SEC filings are available to the public
over the Internet at the SEC&#146;s web site at http://www.sec.gov.</P>
<P align=justify>This Prospectus is part of a registration statement and, as
permitted by SEC rules, does not contain all of the information included in the
registration statement. Whenever a reference is made in this Prospectus to any
of our contracts or other documents, the reference may not be complete and, for
a copy of the contract or document, you should refer to the exhibits that are
part of the registration statement. You may call the SEC at 1-800-SEC-0330 for
more information on the public reference rooms and their copy charges. You may
also read and copy any document we file with the SEC at the SEC&#146;s public
reference rooms at: </P>
<P align=center>100 F Street, N.E. <BR>Room 1580 <BR>Washington, D.C. 20549
<BR></P>
<P align=center>14 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_47></A><BR>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 14pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=3 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=center><B>PROSPECTUS </B></TD></TR></TABLE></DIV>
<P align=center>&nbsp;</P>
<P align=center>&nbsp;</P>
<P align=center><IMG src="eflogo.jpg" border=0 width="193" height="123"> </P>
<P align=center><B><FONT size=6>ENERGY FUELS INC. </FONT></B></P>
<P align=justify>&nbsp;</P>
<DIV align=center>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 14pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="60%" border=2>

  <TR vAlign=bottom>
    <TD align=center><B>2,515,625 </B><BR><B>Common Shares
      </B><BR><B>Underlying Warrants Previously Issued
</B></TD></TR></TABLE></DIV>
<P align=justify>&nbsp;</P>
<P align=justify>&nbsp;</P>
<P align=center><B>, 2016 </B></P>
<P align=center>&nbsp;</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_48></A>
<P align=center><B>PART II </B></P>
<P align=center><B>INFORMATION NOT REQUIRED IN PROSPECTUS</B> </P>
<P align=justify><B>ITEM 14- OTHER EXPENSES OF ISSUANCE AND DISTRIBUTION</B>
</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=center width="12%"><B>Amount</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Securities and Exchange Commission
      Registration Fee </TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>1,041</TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Legal Fees and Expenses* </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">55,000</TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Accounting Fees and Expenses* </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>10,000</TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Printing and Engraving Expenses* </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">4,000</TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>

  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><B>&nbsp;&nbsp;&nbsp;&nbsp; Total*</B> </TD>
    <TD align=left width="1%"  bgColor=#e6efff><B>$</B></TD>
    <TD align=right width="12%" bgColor=#e6efff><b>70,041</b></TD>
    <TD align=left width="2%"
  bgColor=#e6efff>&nbsp;</TD></TR></TABLE>
<P align=justify>*Except for Securities and Exchange Commission  Registration Fee, all other amounts are estimates based on expenses incurred in  connection with the filing of the shelf registration statement. Expenses in  connection with the offer and sale of securities are expected to increase  depending on the securities offered.&nbsp;</P>
<P align=justify><B>ITEM 15- INDEMNIFICATION OF DIRECTORS AND OFFICERS</B> </P>
<P align=justify>Under the Business Corporation Act (Ontario), the Registrant
may indemnify a director or officer, a former director or officer or another
individual who acts or acted at the Registrant&#146;s request as a director or
officer, or an individual acting in a similar capacity, of another entity,
against all costs, charges and expenses, including an amount paid to settle an
action or satisfy a judgment, reasonably incurred by the individual in respect
of any civil, criminal, administrative, investigative or other proceeding in
which the individual is involved because of that association with the Registrant
or other entity on condition that (i) the individual acted honestly and in good
faith with a view to the best interests of the Registrant or, as the case may
be, to the best interests of the other entity for which the individual acted as
a director or officer or in a similar capacity at the Registrant&#146;s request, and
(ii) in the case of a criminal or administrative action or proceeding that is
enforced by a monetary penalty, the individual had reasonable grounds for
believing that his conduct was lawful. Further, the Registrant may, with court
approval, indemnify a person described above in respect of an action by or on
behalf of the Registrant or other entity to obtain a judgment in its favor, to
which the individual is made a party because of the individual&#146;s association
with the Registrant or other entity, against all costs, charges and expenses
reasonably incurred by the individual in connection with such action if the
individual fulfills conditions (i) and (ii) above. An individual as described
above is entitled to indemnification from the Registrant as a matter of right if
the individual was not judged by a court or other competent authority to have
committed any fault or omitted to do anything the individual ought to have done,
and he fulfills conditions (i) and (ii) above.</P>
<P align=justify>In accordance with the Business Corporation Act (Ontario), the
by-laws of the Registrant provide that the Registrant shall indemnify a director
or officer, a former director or officer, or a person who acts or acted at the
Registrant&#146;s request as a director or officer, or an individual acting in a
similar capacity, of another entity, and such person&#146;s heirs and legal
representatives, against all costs, charges and expenses, including an amount
paid to settle an action or satisfy a judgment, reasonably incurred by the
individual in respect of any civil, criminal, administrative, investigative or
other proceeding in which the individual is involved because of that association
with the Registrant or other entity, provided that (i) (a) the individual acted
honestly and in good faith with a view to the best interests of the Registrant
or, as the case may be, to the best interest of the other entity for which the
individual acted as a director or officer or in a similar capacity at the
Registrant&#146;s request; and (ii) in the case of a criminal or administrative
action or proceeding that is enforced by a monetary penalty, the person had
reasonable grounds for believing that the individual&#146;s conduct was lawful.</P>
<P align=justify>A policy of directors&#146; and officers&#146; liability insurance is
maintained by the Registrant which insures directors and officers for losses as
a result of claims against the directors and officers of the Registrant in their
capacity as directors and officers and also reimburses the Registrant for
payments made pursuant to the indemnity provisions under the by-laws of the
Registrant and the Business Corporation Act (Ontario). </P>
<P align=justify>Insofar as indemnification for liabilities arising under the
U.S. Securities Act, may be permitted to directors, officers or persons
controlling the Registrant pursuant to the foregoing provisions, the Registrant
has been informed that in the opinion of the Commission such indemnification is
against public policy as expressed in the U.S. Securities Act, and is therefore
unenforceable.</P>
<P align=center>II - 1</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_49></A><B><br>
ITEM 16- EXHIBITS</B>
<P align=justify>Other than contracts made in the ordinary course of business,
the following are the material contracts and other material exhibits as of the
date of this registration statement:</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=center><B>Exhibit</B> </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="88%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B>Number</B></TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="88%"><B>Description</B> </TD></TR>
  <TR>
    <TD align=center >&nbsp;</TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="88%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>2.1 </TD>
    <TD align=left width="2%" bgColor=#eeeeee></TD>
    <TD align=left width="88%" bgColor=#eeeeee>
      <P align=justify>Agreement and Plan of Merger by and among Uranerz Energy
      Corporation, Energy Fuels, Inc. and EFR Nevada Corp., dated January 4,
      2015 (1) </P></TD></TR>
  <TR>
    <TD align=left  bgColor=#ffffff>&nbsp;</TD>
    <TD align=left width="2%"  bgColor=#ffffff>&nbsp;</TD>
    <TD align=left width="88%"  bgColor=#ffffff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>2.2 </TD>
    <TD align=left width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left width="88%" bgColor=#eeeeee>
      <P align=justify>Amendment to the Agreement and Plan of Merger, dated May
      8, 2015 (1) </P></TD></TR>
  <TR>
    <TD align=left  bgColor=#ffffff>&nbsp;</TD>
    <TD align=left width="2%"  bgColor=#ffffff>&nbsp;</TD>
    <TD align=left width="88%"  bgColor=#ffffff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>2.3 </TD>
    <TD align=left width="2%" bgColor=#eeeeee></TD>
    <TD align=left width="88%" bgColor=#eeeeee>
      <P align=justify>Membership Interest Purchase Agreement by and among
      Energy Fuels Inc., Energy Fuels Holdings Corp., Meste&#241;a LLC, Jones Ranch
      Minerals Unproven, Ltd. And Meste&#241;a Unproven Ltd. dated March 4, 2016 (2)      </P></TD></TR>
  <TR>
    <TD align=left  bgColor=#ffffff>&nbsp;</TD>
    <TD align=left width="2%"  bgColor=#ffffff>&nbsp;</TD>
    <TD align=left width="88%"  bgColor=#ffffff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>3.1 </TD>
    <TD align=left width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left width="88%" bgColor=#eeeeee>
    <P align=justify>Articles of Continuance dated September 2, 2005 (3)    </P></TD></TR>
  <TR>
    <TD align=left  bgColor=#ffffff>&nbsp;</TD>
    <TD align=left width="2%"  bgColor=#ffffff>&nbsp;</TD>
    <TD align=left width="88%"  bgColor=#ffffff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>3.2 </TD>
    <TD align=left width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left width="88%" bgColor=#eeeeee>
      <P align=justify>Articles of Amendment dated May 26, 2006 (4) </P></TD></TR>
  <TR>
    <TD align=left  bgColor=#ffffff>&nbsp;</TD>
    <TD align=left width="2%"  bgColor=#ffffff>&nbsp;</TD>
    <TD align=left width="88%"  bgColor=#ffffff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>3.3 </TD>
    <TD align=left width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left width="88%" bgColor=#eeeeee>
      <P align=justify>Bylaws (5) </P></TD></TR>
  <TR>
    <TD align=left  bgColor=#ffffff>&nbsp;</TD>
    <TD align=left width="2%"  bgColor=#ffffff>&nbsp;</TD>
    <TD align=left width="88%"  bgColor=#ffffff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>4.1 </TD>
    <TD align=left width="2%" bgColor=#eeeeee></TD>
    <TD align=left width="88%" bgColor=#eeeeee>
      <P align=justify>The Convertible Debenture Indenture dated July 24, 2012
      between Energy Fuels Inc. and BNY Trust Company of Canada providing for
      the issuance of debentures (6) </P></TD></TR>
  <TR>
    <TD align=left  bgColor=#ffffff>&nbsp;</TD>
    <TD align=left width="2%"  bgColor=#ffffff>&nbsp;</TD>
    <TD align=left width="88%"  bgColor=#ffffff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>4.2 </TD>
    <TD align=left width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left width="88%" bgColor=#eeeeee>
      <P align=justify>Financing Agreement between Uranerz Energy Corp. and
      Johnson County dated November 26, 2013 (7) </P></TD></TR>
  <TR>
    <TD align=left  bgColor=#ffffff>&nbsp;</TD>
    <TD align=left width="2%"  bgColor=#ffffff>&nbsp;</TD>
    <TD align=left width="88%"  bgColor=#ffffff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>4.3 </TD>
    <TD align=left width="2%" bgColor=#eeeeee></TD>
    <TD align=left width="88%" bgColor=#eeeeee>
      <P align=justify>Bond Purchase Agreement among the State of Wyoming,
  Johnson County and Uranerz Energy Corp. dated November 12, 2013 (8)  </P></TD></TR>
  <TR>
    <TD align=left  bgColor=#ffffff>&nbsp;</TD>
    <TD align=left width="2%"  bgColor=#ffffff>&nbsp;</TD>
    <TD align=left width="88%"  bgColor=#ffffff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>4.4 </TD>
    <TD align=left width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left width="88%" bgColor=#eeeeee>
      <P align=justify>Promissory Note dated November 26, 2013 (9) </P></TD></TR>
  <TR>
    <TD align=left  bgColor=#ffffff>&nbsp;</TD>
    <TD align=left width="2%"  bgColor=#ffffff>&nbsp;</TD>
    <TD align=left width="88%"  bgColor=#ffffff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>4.5 </TD>
    <TD align=left width="2%" bgColor=#eeeeee></TD>
    <TD align=left width="88%" bgColor=#eeeeee>
      <P align=justify>Mortgage and Security Agreement and Assignment between
  Uranerz Energy Corp. and the Trustee dated November 26, 2013 (10)  </P></TD></TR>
  <TR>
    <TD align=left  bgColor=#ffffff>&nbsp;</TD>
    <TD align=left width="2%"  bgColor=#ffffff>&nbsp;</TD>
    <TD align=left width="88%"  bgColor=#ffffff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>4.6 </TD>
    <TD align=left width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left width="88%" bgColor=#eeeeee>
      <P align=justify>Shareholder Rights Plan (11) </P></TD></TR>
  <TR>
    <TD align=left  bgColor=#ffffff>&nbsp;</TD>
    <TD align=left width="2%"  bgColor=#ffffff>&nbsp;</TD>
    <TD align=left width="88%"  bgColor=#ffffff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>4.7 </TD>
    <TD align=left width="2%" bgColor=#eeeeee></TD>
    <TD align=left width="88%" bgColor=#eeeeee>
      <P align=justify>Warrant Indenture between Energy Fuels Inc. and CST Trust
      Co. providing for the issue of common share purchase warrants dated March
      14, 2016 (12) </P></TD></TR>
  <TR>
    <TD align=left  bgColor=#ffffff>&nbsp;</TD>
    <TD align=left width="2%"  bgColor=#ffffff>&nbsp;</TD>
    <TD align=left width="88%"  bgColor=#ffffff>&nbsp;</TD></TR>
  <tr>
    <TD align=left bgColor=#eeeeee valign="top">4.8 </TD>
    <TD align=left width="2%" bgColor=#eeeeee valign="top">&nbsp;</TD>
    <TD align=left width="88%" bgColor=#eeeeee valign="top">
  <P align=justify>First Supplemental Indenture among Energy Fuels Inc., CST
  Trust Company and American Stock Transfer &amp; Trust Company, LLC dated April 14,
  2016 (13)</P></TD>
  </tr>
  <tr>
    <TD align=left  bgColor=#ffffff>&nbsp;</TD>
    <TD align=left width="2%"  bgColor=#ffffff>&nbsp;</TD>
    <TD align=left width="88%"  bgColor=#ffffff>&nbsp;</TD>
  </tr>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><a href="exhibit4-9.htm">4.9</a></TD>
    <TD align=left width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left width="88%" bgColor=#eeeeee>
  <P align=justify><a href="exhibit4-9.htm">Form of Indenture </a></P></TD></TR>
  <TR>
    <TD align=left  bgColor=#ffffff>&nbsp;</TD>
    <TD align=left width="2%"  bgColor=#ffffff>&nbsp;</TD>
    <TD align=left width="88%"  bgColor=#ffffff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><a href="exhibit5-1.htm">5.1 </a></TD>
    <TD align=left width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left width="88%" bgColor=#eeeeee>
      <P align=justify><a href="exhibit5-1.htm">Opinion of Borden Ladner Gervais LLP </a></P></TD></TR>
  <tr>
    <TD align=left  bgColor=#ffffff>&nbsp;</TD>
    <TD align=left width="2%"  bgColor=#ffffff>&nbsp;</TD>
    <TD align=left width="88%"  bgColor=#ffffff>&nbsp;</TD>
  </tr>
  <tr>
    <TD align=left bgColor=#eeeeee><a href="exhibit5-2.htm">5.2</a></TD>
    <TD align=left width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left width="88%" bgColor=#eeeeee>
      <a href="exhibit5-2.htm">Opinion of Dorsey &amp; Whitney LLP</a></TD>
  </tr>
  <TR>
    <TD align=left  bgColor=#ffffff>&nbsp;</TD>
    <TD align=left width="2%"  bgColor=#ffffff>&nbsp;</TD>
    <TD align=left width="88%"  bgColor=#ffffff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>10.1 </TD>
    <TD align=left width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left width="88%" bgColor=#eeeeee>
      <P align=justify>Energy Fuels 2013 Amended and Restated Stock Option Plan
      (14) </P></TD></TR>
  <TR>
    <TD align=left  bgColor=#ffffff>&nbsp;</TD>
    <TD align=left width="2%"  bgColor=#ffffff>&nbsp;</TD>
    <TD align=left width="88%"  bgColor=#ffffff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>10.2 </TD>
    <TD align=left width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left width="88%" bgColor=#eeeeee>
      <P align=justify>Energy Fuels Omnibus Equity Incentive Compensation Plan
      (15) </P></TD></TR>
  <TR>
    <TD align=left  bgColor=#ffffff>&nbsp;</TD>
    <TD align=left width="2%"  bgColor=#ffffff>&nbsp;</TD>
    <TD align=left width="88%"  bgColor=#ffffff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>10.3 </TD>
    <TD align=left width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left width="88%" bgColor=#eeeeee>
      <P align=justify>Sales Agreement between Energy Fuels Inc. and Cantor
      Fitzgerald &amp; Co. dated September 29, 2015 (16) </P></TD></TR>
  <TR>
    <TD align=left  bgColor=#ffffff>&nbsp;</TD>
    <TD align=left width="2%"  bgColor=#ffffff>&nbsp;</TD>
    <TD align=left width="88%"  bgColor=#ffffff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>10.4</TD>
    <TD align=left width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left width="88%" bgColor=#eeeeee>
  <P align=justify>Underwriting Agreement dated March 9, 2016 (17)</P></TD></TR>
  <TR>
    <TD align=left  bgColor=#ffffff>&nbsp;</TD>
    <TD align=left width="2%"  bgColor=#ffffff>&nbsp;</TD>
    <TD align=left width="88%"  bgColor=#ffffff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>12.1* </TD>
    <TD align=left width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left width="88%" bgColor=#eeeeee>
      <P align=justify>Statement of Combined Fixed Charges and Preference
      Dividends </P></TD></TR>
  <TR>
    <TD align=left  bgColor=#ffffff>&nbsp;</TD>
    <TD align=left width="2%"  bgColor=#ffffff>&nbsp;</TD>
    <TD align=left width="88%"  bgColor=#ffffff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><a href="exhibit23-1.htm">23.1 </a></TD>
    <TD align=left width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left width="88%" bgColor=#eeeeee>
      <P align=justify><a href="exhibit23-1.htm">Consent of KPMG LLP, Independent Registered Public
      Accountants </a></P></TD></TR>
  <TR>
    <TD align=left  bgColor=#ffffff>&nbsp;</TD>
    <TD align=left width="2%"  bgColor=#ffffff>&nbsp;</TD>
    <TD align=left width="88%"  bgColor=#ffffff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>23.2* </TD>
    <TD align=left width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left width="88%" bgColor=#eeeeee>
      <P align=justify>Consent of Roscoe Postle Associates Inc. </P></TD></TR>
  <TR>
    <TD align=left  bgColor=#ffffff>&nbsp;</TD>
    <TD align=left width="2%"  bgColor=#ffffff>&nbsp;</TD>
    <TD align=left width="88%"  bgColor=#ffffff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>23.3* </TD>
    <TD align=left width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left width="88%" bgColor=#eeeeee>
      <P align=justify>Consent of William E. Roscoe </P></TD></TR>
  <TR>
    <TD align=left  bgColor=#ffffff>&nbsp;</TD>
    <TD align=left width="2%"  bgColor=#ffffff>&nbsp;</TD>
    <TD align=left width="88%"  bgColor=#ffffff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>23.4* </TD>
    <TD align=left width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left width="88%" bgColor=#eeeeee>
      <P align=justify>Consent of Douglas T. Underhill </P></TD></TR>
  <TR>
    <TD align=left  bgColor=#ffffff>&nbsp;</TD>
    <TD align=left width="2%"  bgColor=#ffffff>&nbsp;</TD>
    <TD align=left width="88%"  bgColor=#ffffff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>23.5* </TD>
    <TD align=left width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left width="88%" bgColor=#eeeeee>
      <P align=justify>Consent of Thomas C. Pool </P></TD></TR>
  <TR>
    <TD align=left  bgColor=#ffffff>&nbsp;</TD>
    <TD align=left width="2%"  bgColor=#ffffff>&nbsp;</TD>
    <TD align=left width="88%"  bgColor=#ffffff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>23.6* </TD>
    <TD align=left width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left width="88%" bgColor=#eeeeee>
      <P align=justify>Consent of Barton G. Stone </P></TD></TR>
  <TR>
    <TD align=left  bgColor=#ffffff>&nbsp;</TD>
    <TD align=left width="2%"  bgColor=#ffffff>&nbsp;</TD>
    <TD align=left width="88%"  bgColor=#ffffff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>23.7* </TD>
    <TD align=left width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left width="88%" bgColor=#eeeeee>
      <P align=justify>Consent of Robert Michaud </P></TD></TR>
  <TR>
    <TD align=left  bgColor=#ffffff>&nbsp;</TD>
    <TD align=left width="2%"  bgColor=#ffffff>&nbsp;</TD>
    <TD align=left width="88%"  bgColor=#ffffff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>23.8* </TD>
    <TD align=left width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left width="88%" bgColor=#eeeeee>
      <P align=justify>Consent of Stuart E. Collins </P></TD></TR>
  <TR>
    <TD align=left  bgColor=#ffffff>&nbsp;</TD>
    <TD align=left width="2%"  bgColor=#ffffff>&nbsp;</TD>
    <TD align=left width="88%"  bgColor=#ffffff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>23.9* </TD>
    <TD align=left width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left width="88%" bgColor=#eeeeee>
      <P align=justify>Consent of Mark Mathisen </P></TD></TR>
  <TR>
    <TD align=left  bgColor=#ffffff>&nbsp;</TD>
    <TD align=left width="2%"  bgColor=#ffffff>&nbsp;</TD>
    <TD align=left width="88%"  bgColor=#ffffff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>23.10* </TD>
    <TD align=left width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left width="88%" bgColor=#eeeeee>
      <P align=justify>Consent of Harold R. Roberts </P></TD></TR>
  <TR>
    <TD align=left  bgColor=#ffffff>&nbsp;</TD>
    <TD align=left width="2%"  bgColor=#ffffff>&nbsp;</TD>
    <TD align=left width="88%"  bgColor=#ffffff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>23.11* </TD>
    <TD align=left width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left width="88%" bgColor=#eeeeee>
      <P align=justify>Consent of David A. Ross </P></TD></TR>
  <TR>
    <TD align=left  bgColor=#ffffff>&nbsp;</TD>
    <TD align=left width="2%"  bgColor=#ffffff>&nbsp;</TD>
    <TD align=left width="88%"  bgColor=#ffffff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>23.12* </TD>
    <TD align=left width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left width="88%" bgColor=#eeeeee>
      <P align=justify>Consent of Peters Geosciences </P></TD></TR>
  <TR>
    <TD align=left  bgColor=#ffffff>&nbsp;</TD>
    <TD align=left width="2%"  bgColor=#ffffff>&nbsp;</TD>
    <TD align=left width="88%"  bgColor=#ffffff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>23.13* </TD>
    <TD align=left width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left width="88%" bgColor=#eeeeee>
      <P align=justify>Consent of Douglas C. Peters </P></TD></TR>
  <TR>
    <TD align=left  bgColor=#ffffff>&nbsp;</TD>
    <TD align=left width="2%"  bgColor=#ffffff>&nbsp;</TD>
    <TD align=left width="88%"  bgColor=#ffffff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>23.14* </TD>
    <TD align=left width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left width="88%" bgColor=#eeeeee>
      <P align=justify>Consent of BRS Inc. </P></TD></TR>
  <TR>
    <TD align=left  bgColor=#ffffff>&nbsp;</TD>
    <TD align=left width="2%"  bgColor=#ffffff>&nbsp;</TD>
    <TD align=left width="88%"  bgColor=#ffffff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>23.15* </TD>
    <TD align=left width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left width="88%" bgColor=#eeeeee>
      <P align=justify>Consent of Douglas L. Beahm </P></TD></TR>
  <TR>
    <TD align=left  bgColor=#ffffff>&nbsp;</TD>
    <TD align=left width="2%"  bgColor=#ffffff>&nbsp;</TD>
    <TD align=left width="88%"  bgColor=#ffffff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>23.16* </TD>
    <TD align=left width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left width="88%" bgColor=#eeeeee>
      <P align=justify>Consent of W. Paul Goranson </P></TD></TR>
  <TR>
    <TD align=left  bgColor=#ffffff>&nbsp;</TD>
    <TD align=left width="2%"  bgColor=#ffffff>&nbsp;</TD>
    <TD align=left width="88%"  bgColor=#ffffff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>23.17* </TD>
    <TD align=left width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left width="88%" bgColor=#eeeeee>
      <P align=justify>Consent of Douglass Graves </P></TD></TR>
  <TR>
    <TD align=left  bgColor=#ffffff>&nbsp;</TD>
    <TD align=left width="2%"  bgColor=#ffffff>&nbsp;</TD>
    <TD align=left width="88%"  bgColor=#ffffff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>23.18* </TD>
    <TD align=left width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left width="88%" bgColor=#eeeeee>
      <P align=justify>Consent of Richard White </P></TD></TR>
  <TR>
    <TD align=left  bgColor=#ffffff>&nbsp;</TD>
    <TD align=left width="2%"  bgColor=#ffffff>&nbsp;</TD>
    <TD align=left width="88%"  bgColor=#ffffff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>23.19* </TD>
    <TD align=left width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left width="88%" bgColor=#eeeeee>
      <P align=justify>Consent of Don R. Woody </P></TD></TR>
  <TR>
    <TD align=left  bgColor=#ffffff>&nbsp;</TD>
    <TD align=left width="2%"  bgColor=#ffffff>&nbsp;</TD>
    <TD align=left width="88%"  bgColor=#ffffff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>23.20* </TD>
    <TD align=left width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left width="88%" bgColor=#eeeeee>
      <P align=justify>Consent of Terence P. McNulty </P></TD></TR>
  <TR>
    <TD align=left  bgColor=#ffffff>&nbsp;</TD>
    <TD align=left width="2%"  bgColor=#ffffff>&nbsp;</TD>
    <TD align=left width="88%"  bgColor=#ffffff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>23.21* </TD>
    <TD align=left width="2%" bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left width="88%" bgColor=#eeeeee>
<P align=justify>Consent of Chlumsky, Armbrust and Meyer</P></TD></TR></TABLE>
<P align=center>II - 2 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_50></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="12%" bgColor=#eeeeee>23.22* </TD>
    <TD bgColor=#eeeeee>
      <P align=justify>Consent of T.P. McNulty &amp; Associates Inc.</P></TD></TR>
  <TR>
    <TD width="12%">&nbsp;</TD>
  <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="12%" bgColor=#eeeeee>23.23* </TD>
    <TD bgColor=#eeeeee>
      <P align=justify>Consent of Geoffrey S. Carter</P></TD></TR>
  <TR>
    <TD width="12%">&nbsp;</TD>
  <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="12%" bgColor=#eeeeee>23.24* </TD>
    <TD bgColor=#eeeeee>
      <P align=justify>Consent of Broad Oak Associates</P></TD></TR>
  <TR>
    <TD width="12%">&nbsp;</TD>
  <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="12%" bgColor=#eeeeee>23.25* </TD>
    <TD bgColor=#eeeeee>
      <P align=justify>Consent of Trec, Inc.</P></TD></TR>
  <TR>
    <TD width="12%">&nbsp;</TD>
  <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="12%" bgColor=#eeeeee>23.26* </TD>
    <TD bgColor=#eeeeee>
      <P align=justify>Consent of Woody Enterprises</P></TD></TR>
  <TR>
    <TD width="12%">&nbsp;</TD>
  <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="12%" bgColor=#eeeeee>23.27* </TD>
    <TD bgColor=#eeeeee>
      <P align=justify>Consent of Allan Moran</P></TD></TR>
  <TR>
    <TD width="12%">&nbsp;</TD>
  <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="12%" bgColor=#eeeeee>23.28* </TD>
    <TD bgColor=#eeeeee>
      <P align=justify>Consent of Frank A. Daviess</P></TD></TR>
  <TR>
    <TD width="12%">&nbsp;</TD>
  <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="12%" bgColor=#eeeeee>23.29* </TD>
    <TD bgColor=#eeeeee>
      <P align=justify>Consent of SRK Consulting (U.S.) Inc.</P></TD></TR>
  <TR>
    <TD width="12%">&nbsp;</TD>
  <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="12%" bgColor=#eeeeee>23.30* </TD>
    <TD bgColor=#eeeeee>
      <P align=justify>Consent of Christopher Moreton</P></TD></TR>
  <TR>
    <TD width="12%">&nbsp;</TD>
  <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="12%" bgColor=#eeeeee>23.31* </TD>
    <TD bgColor=#eeeeee>
      <P align=justify>Consent of Richard L. Nielsen</P></TD></TR>
  <TR>
    <TD width="12%">&nbsp;</TD>
  <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="12%" bgColor=#eeeeee>23.32
    *</TD>
    <TD bgColor=#eeeeee>
      <P align=justify>Consent of Robert L. Sandefur</P></TD></TR>
  <TR>
    <TD width="12%">&nbsp;</TD>
  <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="12%" bgColor=#eeeeee>23.33* </TD>
    <TD bgColor=#eeeeee>
      <P align=justify>Consent of Matthew P. Reilly</P></TD></TR>
  <TR>
    <TD width="12%">&nbsp;</TD>
  <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="12%" bgColor=#eeeeee>23.34 </TD>
    <TD bgColor=#eeeeee>
      <P align=justify>Consent of Borden Ladner Gervais LLP (included in Exhibit
  5.1)</P></TD></TR>
  <TR>
    <TD width="12%">&nbsp;</TD>
  <TD>&nbsp;</TD></TR>
  <tr>
    <TD vAlign=top width="12%" bgColor=#eeeeee>23.35</TD>
    <TD bgColor=#eeeeee>
      Consent of Dorsey &amp; Whitney LLP (included in Exhibit 5.2)</TD>
  </tr>
  <tr>
    <TD width="12%">&nbsp;</TD>
  <TD>&nbsp;</TD>
  </tr>
  <TR>
    <TD vAlign=top width="12%" bgColor=#eeeeee>24.1 </TD>
    <TD bgColor=#eeeeee>
      Powers of Attorney (included on the signature page to Energy Fuels&#146;
      Registration Statement on Form S-3 filed with the SEC on April 15, 2016)</TD></TR></TABLE>
____________________________________<BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">*</TD>
    <TD>
      Previously filed as an exhibit to Energy Fuels&#146; Registration Statement on
      Form S-3 filed with the SEC on April 15, 2016</TD></TR>

  <TR>
    <TD vAlign=top width="5%">(1) </TD>
    <TD>
      <P align=justify>Incorporated by reference to Schedule B of Exhibit 99.1
      of Energy Fuels&#146; Form 6-K filed with the SEC on May 26, 2015.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(2) </TD>
    <TD>
      <P align=justify>Incorporated by reference to Exhibit 10.1 of Energy
      Fuels&#146; Form 8-K filed with the SEC on March 8, 2016.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(3) </TD>
    <TD>
      <P align=justify>Incorporated by reference to Exhibit 3.1 of Energy Fuels&#146;
      Form F-4 filed with the SEC on May 8, 2015.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(4) </TD>
    <TD>
      <P align=justify>Incorporated by reference to Exhibit 3.2 of Energy Fuels&#146;
      Form F-4 filed with the SEC on May 8, 2015.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(5) </TD>
    <TD>
      <P align=justify>Incorporated by reference to Exhibit 3.3 of Energy Fuels&#146;
      Form F-4 filed with the SEC on May 8, 2015.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(6) </TD>
    <TD>
      <P align=justify>Incorporated by reference to Exhibit 99.66 to Energy
      Fuels&#146; registration statement on Form 40-F filed with the SEC on November
      15, 2013.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(7) </TD>
    <TD>
      <P align=justify>Incorporated by reference to Exhibit 4.1 to the Form 8-K
      filed on December 3, 2013 by Uranerz Energy Corporation.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(8) </TD>
    <TD>
      <P align=justify>Incorporated by reference to Exhibit 4.2 to the Form 8-K
      filed on December 3, 2013 by Uranerz Energy Corporation.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(9) </TD>
    <TD>
      <P align=justify>Incorporated by reference to Exhibit 4.3 to the Form 8-K
      filed on December 3, 2013 by Uranerz Energy Corporation.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(10) </TD>
    <TD>
      <P align=justify>Incorporated by reference to Exhibit 4.4 to the Form 8-K
      filed on December 3, 2013 by Uranerz Energy Corporation.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(11) </TD>
    <TD>
      <P align=justify>Incorporated by reference to Exhibit 10.9 to Energy
      Fuels&#146; Form F-4 filed on May 8, 2015.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(12) </TD>
    <TD>
      <P align=justify>Incorporated by reference to Exhibit 4.1 to Energy Fuels&#146;
      Form 8-K filed on March 14, 2016.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(13) </TD>
    <TD>
      Incorporated by reference to Exhibit 4.1 to Energy Fuels&#146; Form 8-K filed
      on April 20, 2016.</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(14)</TD>
    <TD>
      Incorporated by reference from Schedule B of Exhibit 99.84 of Energy
      Fuels&#146; registration statement on Form 40-F filed with the SEC on November
      15, 2013.</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(15) </TD>
    <TD>
      <P align=justify>Incorporated by reference to Exhibit 4.1 to Energy Fuels&#146;
      Form S-8 filed on June 24, 2015.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(16) </TD>
    <TD>
      <P align=justify>Incorporated by reference to Exhibit 99.1 to Energy
      Fuels&#146; Form 6-K filed on September 29, 2015.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(17) </TD>
    <TD>
      <P align=justify>Incorporated by reference to Exhibit 10.1 to Energy
      Fuels&#146; Form 8-K filed March 10, 2016.</P></TD></TR></TABLE>
<P align=justify><B>ITEM 17 &#150; UNDERTAKINGS </B></P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The undersigned Registrant hereby undertakes: </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;To file, during any period in
which offers or sales are being made, a post-effective amendment to this
registration statement: </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To include any
prospectus required by Section 10(a)(3) of the Securities Act of 1933; </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; To reflect in the prospectus any
facts or events arising after the effective date of the registration statement
(or the most recent post-effective amendment thereof) which, individually or in
the aggregate, represent a fundamental change in the information set forth in
the registration statement. Notwithstanding the foregoing, any increase or
decrease in volume of securities offered (if the total dollar value of
securities offered would not exceed that which was registered) and any deviation
from the low or high end of the estimated maximum offering range may be
reflected in the form of prospectus filed with the Commission pursuant to Rule
424(b) if, in the aggregate, the changes in volume and price represent no more
than 20 percent change in the maximum aggregate offering price set forth in the
&#147;Calculation of Registration Fee&#148; table in the effective registration statement;
</P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;To include any material
information with respect to the plan of distribution not previously disclosed in
the registration statement or any material change to such information in the
registration statement; </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>provided, however</I>, that the undertakings set forth in paragraphs (1)(i),
(1)(ii) and (1)(iii) above do not apply if the registration statement is on Form
S-3 or Form F-3 and the information required to be included in a post-effective
amendment by those paragraphs is contained in reports filed with or furnished to
the Commission by the registrant pursuant to Section 13 or Section 15(d) of the
Exchange Act that are incorporated by reference in the registration statements
or is contained in a form of prospectus filed pursuant to Rule 424(b) that is
part of the registration statement. </P>
<P align=center>II - 3</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_51></A>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; That, for the purpose of
determining any liability under the Securities Act of 1933, each such
post-effective amendment shall be deemed to be a new registration statement
relating to the securities offered therein, and the offering of such securities
at that time shall be deemed to be the initial <I>bona fide</I> offering
thereof. </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; To remove from registration by
means of a post-effective amendment any of the securities being registered which
remain unsold at the termination of the offering. </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; That, for the purpose of
determining liability under the Securities Act of 1933 to any purchaser: </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Each prospectus filed by the registrant
pursuant to Rule 424(b)(3) shall be deemed to be part of the registration
statement as of the date the filed prospectus was deemed part of and included in
the registration statement; and </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Each prospectus required to be filed pursuant
to Rule 424(b)(2), (b)(5), or (b)(7) as part of a registration statement in
reliance on Rule 430B relating to an offering made pursuant to Rule
415(a)(1)(i), (vii), or (x) for the purpose of providing the information
required by Section 10(a) of the Securities Act of 1933 shall be deemed to be
part of and included in the registration statement as of the earlier of the date
such form of prospectus is first used after effectiveness or the date of the
first contract of sale of securities in the offering described in the
prospectus. As provided in Rule 430B, for liability purposes of the issuer and
any person that is at that date an underwriter, such date shall be deemed to be
a new effective date of the registration statement relating to the securities in
the registration statement to which that prospectus relates, and the offering of
such securities at that time shall be deemed to be the initial <I>bona fide</I>
offering thereof. Provided, however, that no statement made in a registration
statement or prospectus that is part of the registration statement or made in a
document incorporated or deemed incorporated by reference into the registration
statement or prospectus that is part of the registration statement will, as to a
purchaser with a time of contract of sale prior to such effective date,
supersede or modify any statement that was made in the registration statement or
prospectus that was part of the registration statement or made in any such
document immediately prior to such effective date. </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(5)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; That, for the purpose of
determining liability of the registrant under the Securities Act of 1933 to any
purchaser in the initial distribution of the securities, the undersigned
registrant undertakes that in a primary offering of securities of the
undersigned registrant pursuant to this registration statement, regardless of
the underwriting method used to sell the securities to the purchaser, if the
securities are offered or sold to such purchaser by means of any of the
following communications, the undersigned registrant will be a seller to the
purchaser and will be considered to offer or sell such securities to such
purchaser: (i) any preliminary prospectus or prospectus of the undersigned
registrant relating to the offering required to be filed pursuant to Rule 424;
(ii) any free writing prospectus relating to the offering prepared by or on
behalf of the undersigned registrant or used or referred to by the undersigned
registrant; (iii) the portion of any other free writing prospectus relating to
the offering containing material information about the undersigned registrant or
its securities provided by or on behalf of the undersigned registrant; and (iv)
any other communication that is an offer in the offering made by the undersigned
registrant to the purchaser. </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(6)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;That, for purposes of determining
any liability under the Securities Act of 1933, each filing of the registrant&#146;s
annual report pursuant to Section 13(a) or 15(d) of the Exchange Act (and, where
applicable, each filing of an employee benefit plan&#146;s annual report pursuant to
Section 15(d) of the Exchange Act) that is incorporated by reference in the
registration statement shall be deemed to be a new registration statement
relating to the securities offered therein, and the offering of such securities
at that time shall be deemed to be the initial <I>bona fide</I> offering
thereof. </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(7)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Insofar as indemnification for
liabilities arising under the Securities Act of 1933 may be permitted to
directors, officers and controlling persons of the registrant pursuant to the
foregoing provisions, or otherwise, the registrant has been advised that in the
opinion of the Securities and Exchange Commission such indemnification is
against public policy as expressed in the Securities Act and is, therefore,
unenforceable. In the event that a claim for indemnification against such
liabilities (other than the payment by the registrant of expenses incurred or
paid by a director, officer or controlling person of the registrant in the
successful defense of any action, suit or proceeding) is asserted by such
director, officer or controlling person in connection with the securities being
registered, the registrant will, unless in the opinion of its counsel the matter
has been settled by controlling precedent, submit to a court of appropriate
jurisdiction the question whether such indemnification by it is against public
policy as expressed in the Securities Act of 1933 and will be governed by the
final adjudication of such issue. </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(8)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; To file an application for the
purpose of determining the eligibility of the trustee to act under subsection
(a) of Section 310 of the Trust Indenture Act of 1939, as amended in accordance
with the rules and regulations prescribed by the Commission under Section
305(b)(2) of the Trust Indenture Act of 1939, as amended. </P>
<P align=center>II - 4</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_52></A>
<P align=center><B>SIGNATURES </B></P>
<P align=justify>Pursuant to the requirements of the Securities Act of 1933, the
registrant has duly caused this registration statement to be signed on its
behalf by the undersigned thereunto duly authorized. The registrant certifies
that it has reasonable grounds to believe that it meets all of the requirements
for filing on Form S-3. </P>
<P style="MARGIN-LEFT: 50%" align=justify><B>ENERGY FUELS INC.</B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left>May 2, 2016 </TD>
    <TD align=left width="5%" >By: </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="45%"
    >/s/ Stephen P. Antony </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="5%" >&nbsp; </TD>
    <TD align=left width="45%" >Stephen P. Antony </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="5%" >&nbsp; </TD>
    <TD align=left width="45%" >Chief Executive Officer and
      President and Director </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="5%" >&nbsp; </TD>
    <TD align=left width="45%" >&nbsp; &nbsp; &nbsp;(Principal
      Executive Officer) </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="5%" >&nbsp; </TD>
    <TD width="45%" >&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>May 2, 2016 </TD>
    <TD align=left width="5%" >By: </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="45%"
    >/s/ Daniel G. Zang </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="5%" >&nbsp; </TD>
    <TD align=left width="45%" >Daniel G. Zang </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="5%" >&nbsp; </TD>
    <TD align=left width="45%" >Chief Financial Officer </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="5%" >&nbsp; </TD>
    <TD align=left width="45%" >(Principal Financial and
      Accounting Officer) </TD></TR></TABLE>
<P align=justify>Pursuant to the requirements of the Securities Act of 1933,
this registration statement has been signed by the following persons on behalf
of the Registrant in the capacities and on the date indicated: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left>Name </TD>
    <TD align=left width="40%">Title </TD>
    <TD align=left width="20%" >Date </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="40%">&nbsp; </TD>
    <TD width="20%" >&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="40%">Chief Executive Officer and </TD>
    <TD align=left width="20%" >&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left><U>/s/ Stephen P.
      Antony&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </U>&nbsp;</TD>
    <TD align=left width="40%">President and Director (Principal </TD>
    <TD align=left width="20%" >May 2, 2016 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Stephen P. Antony </TD>
    <TD align=left width="40%">Executive Officer) </TD>
    <TD align=left width="20%" >&nbsp; </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="40%">&nbsp; </TD>
    <TD width="20%" >&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left><U>/s/ Daniel G.
      Zang&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </U>&nbsp;</TD>
    <TD align=left width="40%">Chief Financial Officer (Principal </TD>
    <TD align=left width="20%" >&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>Daniel G. Zang </TD>
    <TD align=left width="40%">Financial and Accounting Officer) </TD>
    <TD align=left width="20%" >May 2, 2016 </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="40%">&nbsp; </TD>
    <TD width="20%" >&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left><U>/s/*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </U></TD>
    <TD align=left width="40%">&nbsp; </TD>
    <TD align=left width="20%" >&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>J. Birks Bovaird </TD>
    <TD align=left width="40%">Chairman and Director </TD>
    <TD align=left width="20%" >May 2, 2016 </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="40%">&nbsp; </TD>
    <TD width="20%" >&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD
      align=left><U>/s/&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD>
    <TD align=left width="40%">&nbsp; </TD>
    <TD align=left width="20%" >&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>Hyung Mun Bae </TD>
    <TD align=left width="40%">Director </TD>
    <TD align=left width="20%" >May 2, 2016 </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="40%">&nbsp; </TD>
    <TD width="20%" >&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD
      align=left><U>/s/&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD>
    <TD align=left width="40%">&nbsp; </TD>
    <TD align=left width="20%" >&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>Ames Brown </TD>
    <TD align=left width="40%">Director </TD>
    <TD align=left width="20%" >May 2, 2016 </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="40%">&nbsp; </TD>
    <TD width="20%" >&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD
      align=left><U>/s/&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD>
    <TD align=left width="40%">&nbsp; </TD>
    <TD align=left width="20%" >&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>Paul A. Carroll </TD>
    <TD align=left width="40%">Director </TD>
    <TD align=left width="20%" >May 2, 2016 </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="40%">&nbsp; </TD>
    <TD width="20%" >&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD
      align=left><U>/s/&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;</U></TD>
    <TD align=left width="40%">&nbsp; </TD>
    <TD align=left width="20%" >&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>Glenn J. Catchpole </TD>
    <TD align=left width="40%">Director </TD>
    <TD align=left width="20%" >May 2, 2016 </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="40%">&nbsp; </TD>
    <TD width="20%" >&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD
      align=left><U>/s/&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD>
    <TD align=left width="40%">&nbsp; </TD>
    <TD align=left width="20%" >&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>Bruce D. Hansen </TD>
    <TD align=left width="40%">Director </TD>
    <TD align=left width="20%" >May 2, 2016 </TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="40%" >&nbsp;</TD>
    <TD align=left width="20%"  >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD
      align=left><U>/s/&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD>
    <TD align=left width="40%">&nbsp; </TD>
    <TD align=left width="20%" >&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>Dennis L. Higgs </TD>
    <TD align=left width="40%">Director </TD>
    <TD align=left width="20%" >May 2, 2016 </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="40%">&nbsp; </TD>
    <TD width="20%" >&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD
      align=left><U>/s/&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </U></TD>
    <TD align=left width="40%">&nbsp; </TD>
    <TD align=left width="20%" >&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>Ron F. Hochstein </TD>
    <TD align=left width="40%">Director </TD>
    <TD align=left width="20%" >May 2, 2016
</TD></TR>
  <tr>
    <TD
      align=left>&nbsp;</TD>
    <TD align=left width="40%">&nbsp;</TD>
    <TD align=left width="20%" >&nbsp;</TD>
  </tr>
  <tr>
    <TD
      align=left><u>* /s/ Daniel G. Zang&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </u></TD>
    <TD align=left width="40%">&nbsp; </TD>
    <TD align=left width="20%" >&nbsp; </TD>
  </tr>
  <tr>
    <TD align=left>By Daniel G. Zang as Attorney-in-Fact </TD>
    <TD align=left width="40%">&nbsp;</TD>
    <TD align=left width="20%" >May 2, 2016
</TD>
  </tr>
</TABLE>
<P align=center>II - 5</P>
<HR align=center width="100%" color=black noShade SIZE=5>

</BODY>

</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.9
<SEQUENCE>2
<FILENAME>exhibit4-9.htm
<DESCRIPTION>EXHIBIT 4.9
<TEXT>
<HTML>
<HEAD>
   <TITLE>Energy Fuels Inc.: Exhibit 4.9 - Filed by newsfilecorp.com</TITLE>
</HEAD>

<BODY style="font-size:10pt;">

<HR noshade align="center" width=100% size=3 color="black">
<!--$$/page=--><A name=page_1></A>
<P align=center><B>ENERGY FUELS INC. </B></P>
<P align=center>as Issuer, </P>
<P align=center><B>[_________________] </B></P>
<P align=center>as U.S. Trustee </P>
<P align=center>and </P>
<P align=center><B>[________________] </B></P>
<P align=center>as Canadian Trustee </P>
<P align=center><B>INDENTURE </B></P>
<P align=center>Dated as of&nbsp;&nbsp;&nbsp; &nbsp;, </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_2></A>
<P align=center>TABLE OF CONTENTS </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD vAlign=top noWrap align=left width="15%" >&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="80%">&nbsp; </TD>
    <TD vAlign=top noWrap align=right width="5%" >Page </TD></TR>
  <TR>
    <TD vAlign=top noWrap width="15%" >&nbsp; </TD>
    <TD vAlign=top noWrap width="80%">&nbsp; </TD>
    <TD vAlign=top noWrap width="5%" >&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD vAlign=top align=left colSpan=2 width="15%">ARTICLE ONE DEFINITIONS AND OTHER
      PROVISIONS OF GENERAL </TD>
    <TD vAlign=top align=left width="5%" >&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD vAlign=top align=left bgColor=#eeeeee width="15%" >&nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;APPLICATION </TD>
    <TD vAlign=top align=left width="80%" bgColor=#eeeeee>
    <p style="margin-left: 10">&nbsp; </TD>
    <TD vAlign=top align=right width="5%" bgColor=#eeeeee >1
  </TD></TR>
  <TR vAlign=top>
    <TD vAlign=top align=left nowrap width="15%"
      >&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
      1.01 </TD>
    <TD vAlign=top align=left width="80%">
    <p style="margin-left: 10">Definitions </TD>
    <TD vAlign=top align=right >1 </TD></TR>
  <TR vAlign=top>
    <TD vAlign=top align=left bgColor=#eeeeee nowrap width="15%"
      >&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
      1.02 </TD>
    <TD vAlign=top align=left width="80%" bgColor=#eeeeee>
    <p style="margin-left: 10">Compliance
      Certificates and Opinions </TD>
    <TD vAlign=top align=right bgColor=#eeeeee >13
  </TD></TR>
  <TR vAlign=top>
    <TD vAlign=top align=left nowrap width="15%"
      >&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
      1.03 </TD>
    <TD vAlign=top align=left width="80%">
    <p style="margin-left: 10">Form of Documents Delivered to
      Trustees </TD>
    <TD vAlign=top align=right >14 </TD></TR>
  <TR vAlign=top>
    <TD vAlign=top align=left bgColor=#eeeeee nowrap width="15%"
      >&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
      1.04 </TD>
    <TD vAlign=top align=left width="80%" bgColor=#eeeeee>
    <p style="margin-left: 10">Acts of Holders </TD>
    <TD vAlign=top align=right bgColor=#eeeeee >15
  </TD></TR>
  <TR vAlign=top>
    <TD vAlign=top align=left nowrap width="15%"
      >&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
      1.05 </TD>
    <TD vAlign=top align=left width="80%">
    <p style="margin-left: 10">Notices, etc. to Trustees and
      Company </TD>
    <TD vAlign=top align=right >16 </TD></TR>
  <TR vAlign=top>
    <TD vAlign=top align=left bgColor=#eeeeee nowrap width="15%"
      >&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
      1.06 </TD>
    <TD vAlign=top align=left width="80%" bgColor=#eeeeee>
    <p style="margin-left: 10">Notice to Holders;
      Waiver </TD>
    <TD vAlign=top align=right bgColor=#eeeeee >17
  </TD></TR>
  <TR vAlign=top>
    <TD vAlign=top align=left nowrap width="15%"
      >&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
      1.07 </TD>
    <TD vAlign=top align=left width="80%">
    <p style="margin-left: 10">Effect of Headings and Table of
      Contents </TD>
    <TD vAlign=top align=right >18 </TD></TR>
  <TR vAlign=top>
    <TD vAlign=top align=left bgColor=#eeeeee nowrap width="15%"
      >&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
      1.08 </TD>
    <TD vAlign=top align=left width="80%" bgColor=#eeeeee>
    <p style="margin-left: 10">Successors and
      Assigns </TD>
    <TD vAlign=top align=right bgColor=#eeeeee >18
  </TD></TR>
  <TR vAlign=top>
    <TD vAlign=top align=left nowrap width="15%"
      >&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
      1.09 </TD>
    <TD vAlign=top align=left width="80%">
    <p style="margin-left: 10">Severability Clause </TD>
    <TD vAlign=top align=right >18 </TD></TR>
  <TR vAlign=top>
    <TD vAlign=top align=left bgColor=#eeeeee nowrap width="15%"
      >&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
      1.10 </TD>
    <TD vAlign=top align=left width="80%" bgColor=#eeeeee>
    <p style="margin-left: 10">Benefits of
      Indenture </TD>
    <TD vAlign=top align=right bgColor=#eeeeee >18
  </TD></TR>
  <TR vAlign=top>
    <TD vAlign=top align=left nowrap width="15%"
      >&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
      1.11 </TD>
    <TD vAlign=top align=left width="80%">
    <p style="margin-left: 10">Governing Law </TD>
    <TD vAlign=top align=right >18 </TD></TR>
  <TR vAlign=top>
    <TD vAlign=top align=left bgColor=#eeeeee nowrap width="15%"
      >&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
      1.12 </TD>
    <TD vAlign=top align=left width="80%" bgColor=#eeeeee>
    <p style="margin-left: 10">Legal Holidays </TD>
    <TD vAlign=top align=right bgColor=#eeeeee >19
  </TD></TR>
  <TR vAlign=top>
    <TD vAlign=top align=left nowrap width="15%"
      >&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
      1.13 </TD>
    <TD vAlign=top align=left width="80%">
    <p style="margin-left: 10">Agent for Service; Submission to
      Jurisdiction; Waiver of Immunities </TD>
    <TD vAlign=top align=right >19 </TD></TR>
  <TR vAlign=top>
    <TD vAlign=top align=left bgColor=#eeeeee nowrap width="15%"
      >&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
      1.14 </TD>
    <TD vAlign=top align=left width="80%" bgColor=#eeeeee>
    <p style="margin-left: 10">Conversion of
      Currency </TD>
    <TD vAlign=top align=right bgColor=#eeeeee >20
  </TD></TR>
  <TR vAlign=top>
    <TD vAlign=top align=left nowrap width="15%"
      >&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
      1.15 </TD>
    <TD vAlign=top align=left width="80%">
    <p style="margin-left: 10">Currency Equivalent </TD>
    <TD vAlign=top align=right >21 </TD></TR>
  <TR vAlign=top>
    <TD vAlign=top align=left bgColor=#eeeeee nowrap width="15%"
      >&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
      1.16 </TD>
    <TD vAlign=top align=left width="80%" bgColor=#eeeeee>
    <p style="margin-left: 10">Conflict with Trust
      Indenture Legislation </TD>
    <TD vAlign=top align=right bgColor=#eeeeee >21
  </TD></TR>
  <TR vAlign=top>
    <TD vAlign=top align=left nowrap width="15%"
      >&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
      1.17 </TD>
    <TD vAlign=top align=left width="80%">
    <p style="margin-left: 10">Incorporators, Shareholders,
      Officers and Directors of the Company Exempt from Individual Liability </TD>
    <TD vAlign=top align=right >22 </TD></TR>
  <TR vAlign=top>
    <TD vAlign=top align=left bgColor=#eeeeee colSpan=2 nowrap width="15%">ARTICLE TWO SECURITIES
      FORMS </TD>
    <TD vAlign=top align=right bgColor=#eeeeee >22
  </TD></TR>
  <TR vAlign=top>
    <TD vAlign=top align=left nowrap width="15%"
      >&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.01</TD>
    <TD vAlign=top align=left width="80%">
    <p style="margin-left: 10">Forms Generally </TD>
    <TD vAlign=top align=right >22 </TD></TR>
  <TR vAlign=top>
    <TD vAlign=top align=left bgColor=#eeeeee nowrap width="15%"
      >&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
      2.02 </TD>
    <TD vAlign=top align=left width="80%" bgColor=#eeeeee>
    <p style="margin-left: 10">Form of Trustee&#146;s
      Certificate of Authentication </TD>
    <TD vAlign=top align=right bgColor=#eeeeee >23
  </TD></TR>
  <TR vAlign=top>
    <TD vAlign=top align=left nowrap width="15%"
      >&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
      2.03 </TD>
    <TD vAlign=top align=left width="80%">
    <p style="margin-left: 10">Securities Issuable in Global Form
    </TD>
    <TD vAlign=top align=right >23 </TD></TR>
  <TR vAlign=top>
    <TD vAlign=top align=left bgColor=#eeeeee colSpan=2 nowrap width="15%">ARTICLE THREE THE
      SECURITIES </TD>
    <TD vAlign=top align=right bgColor=#eeeeee >24
  </TD></TR>
  <TR vAlign=top>
    <TD vAlign=top align=left nowrap width="15%"
      >&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
      3.01 </TD>
    <TD vAlign=top align=left width="80%">
    <p style="margin-left: 10">Issuable in Series </TD>
    <TD vAlign=top align=right >24 </TD></TR>
  <TR vAlign=top>
    <TD vAlign=top align=left bgColor=#eeeeee nowrap width="15%"
      >&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
      3.02 </TD>
    <TD vAlign=top align=left width="80%" bgColor=#eeeeee>
    <p style="margin-left: 10">Denominations </TD>
    <TD vAlign=top align=right bgColor=#eeeeee >28
  </TD></TR>
  <TR vAlign=top>
    <TD vAlign=top align=left nowrap width="15%"
      >&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
      3.03 </TD>
    <TD vAlign=top align=left width="80%">
    <p style="margin-left: 10">Execution, Authentication, Delivery
      and Dating </TD>
    <TD vAlign=top align=right >29 </TD></TR>
  <TR vAlign=top>
    <TD vAlign=top align=left bgColor=#eeeeee nowrap width="15%"
      >&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
      3.04 </TD>
    <TD vAlign=top align=left width="80%" bgColor=#eeeeee>
    <p style="margin-left: 10">Temporary Securities
    </TD>
    <TD vAlign=top align=right bgColor=#eeeeee >31
  </TD></TR>
  <TR vAlign=top>
    <TD vAlign=top align=left nowrap width="15%"
      >&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
      3.05 </TD>
    <TD vAlign=top align=left width="80%">
    <p style="margin-left: 10">Registration, Registration of
      Transfer and Exchange </TD>
    <TD vAlign=top align=right >33 </TD></TR>
  <TR vAlign=top>
    <TD vAlign=top align=left bgColor=#eeeeee nowrap width="15%"
      >&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
      3.06 </TD>
    <TD vAlign=top align=left width="80%" bgColor=#eeeeee>
    <p style="margin-left: 10">Mutilated,
      Destroyed, Lost and Stolen Securities </TD>
    <TD vAlign=top align=right bgColor=#eeeeee >38
  </TD></TR>
  <TR vAlign=top>
    <TD vAlign=top align=left nowrap width="15%"
      >&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
      3.07 </TD>
    <TD vAlign=top align=left width="80%">
    <p style="margin-left: 10">Payment of Principal; Premium;
      Interest; Interest Rights Preserved; Optional Interest Reset </TD>
    <TD vAlign=top align=right >39 </TD></TR>
  <TR vAlign=top>
    <TD vAlign=top align=left bgColor=#eeeeee nowrap width="15%"
      >&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
      3.08 </TD>
    <TD vAlign=top align=left width="80%" bgColor=#eeeeee>
    <p style="margin-left: 10">Persons Deemed
      Owners </TD>
    <TD vAlign=top align=right bgColor=#eeeeee >41
  </TD></TR>
  <TR vAlign=top>
    <TD vAlign=top align=left nowrap width="15%"
      >&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
      3.09 </TD>
    <TD vAlign=top align=left width="80%">
    <p style="margin-left: 10">Cancellation </TD>
    <TD vAlign=top align=right >42 </TD></TR>
  <TR vAlign=top>
    <TD vAlign=top align=left bgColor=#eeeeee nowrap width="15%"
      >&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
      3.10</TD>
    <TD vAlign=top align=left width="80%" bgColor=#eeeeee>
    <p style="margin-left: 10">Computation of
      Interest </TD>
    <TD vAlign=top align=right bgColor=#eeeeee >42
  </TD></TR>
  <TR vAlign=top>
    <TD vAlign=top align=left nowrap width="15%"
      >&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
      3.11 </TD>
    <TD vAlign=top align=left width="80%">
    <p style="margin-left: 10">Currency and Manner of Payments in
      Respect of Securities </TD>
    <TD vAlign=top align=right >43 </TD></TR>
  <TR vAlign=top>
    <TD vAlign=top align=left bgColor=#eeeeee nowrap width="15%"
      >&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
      3.12 </TD>
    <TD vAlign=top align=left width="80%" bgColor=#eeeeee>
    <p style="margin-left: 10">Appointment and
      Resignation of Successor Exchange Rate Agent </TD>
    <TD vAlign=top align=right bgColor=#eeeeee >46
  </TD></TR>
  <TR vAlign=top>
    <TD vAlign=top align=left colSpan=2 nowrap width="15%">ARTICLE FOUR SATISFACTION AND
      DISCHARGE </TD>
    <TD vAlign=top align=right >47 </TD></TR>
  <TR vAlign=top>
    <TD vAlign=top align=left bgColor=#eeeeee nowrap width="15%"
      >&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
      4.01 </TD>
    <TD vAlign=top align=left width="80%" bgColor=#eeeeee>
    <p style="margin-left: 10">Satisfaction and
      Discharge of Indenture </TD>
    <TD vAlign=top align=right bgColor=#eeeeee >47
  </TD></TR></TABLE>
<P align=center>- i - </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<p><A name=page_3></A><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD noWrap align=left
      >&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
      4.02 </TD>
    <TD noWrap align=left width="80%">
    <p style="margin-left: 10">Application of Trust Money </TD>
    <TD noWrap align=right width="5%" >48 </TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left bgColor=#eeeeee colSpan=2>ARTICLE FIVE SUBORDINATION
      OF THE SECURITIES </TD>
    <TD noWrap align=right width="5%" bgColor=#eeeeee >48 </TD></TR>
  <TR vAlign=top>
    <TD align=left noWrap
      >&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
      5.01 </TD>
    <TD align=left width="80%">
    <p style="margin-left: 10">Agreement to Subordinate </TD>
    <TD align=right >48 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee noWrap
      >&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
      5.02 </TD>
    <TD align=left width="80%" bgColor=#eeeeee>
    <p style="margin-left: 10">Distribution on Dissolution,
      Liquidation and Reorganization; Subrogation of Securities </TD>
    <TD align=right bgColor=#eeeeee >48 </TD></TR>
  <TR vAlign=top>
    <TD align=left noWrap
      >&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
      5.03 </TD>
    <TD align=left width="80%">
    <p style="margin-left: 10">No Payment on Securities in Event of Default on
      Senior Indebtedness </TD>
    <TD align=right >50 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee noWrap
      >&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
      5.04 </TD>
    <TD align=left width="80%" bgColor=#eeeeee>
    <p style="margin-left: 10">Payments on Securities
      Permitted </TD>
    <TD align=right bgColor=#eeeeee >50 </TD></TR>
  <TR vAlign=top>
    <TD align=left noWrap
      >&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
      5.05 </TD>
    <TD align=left width="80%">
    <p style="margin-left: 10">Authorization of Securityholders to Trustee to
      Effect Subordination </TD>
    <TD align=right >51 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee noWrap
      >&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
      5.06 </TD>
    <TD align=left width="80%" bgColor=#eeeeee>
    <p style="margin-left: 10">Notice to Trustee </TD>
    <TD align=right bgColor=#eeeeee >51 </TD></TR>
  <TR vAlign=top>
    <TD align=left noWrap
      >&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
      5.07 </TD>
    <TD align=left width="80%">
    <p style="margin-left: 10">Trustee as Holder of Senior Indebtedness </TD>
    <TD align=right >52 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee noWrap
      >&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
      5.08 </TD>
    <TD align=left width="80%" bgColor=#eeeeee>
    <p style="margin-left: 10">Modifications of Terms of
      Senior Indebtedness </TD>
    <TD align=right bgColor=#eeeeee >52 </TD></TR>
  <TR vAlign=top>
    <TD align=left noWrap
      >&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
      5.09 </TD>
    <TD align=left width="80%">
    <p style="margin-left: 10">Reliance on Judicial Order or Certificate
      Liquidating Agent </TD>
    <TD align=right >52 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee noWrap
      >&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
      5.10 </TD>
    <TD align=left width="80%" bgColor=#eeeeee>
    <p style="margin-left: 10">Satisfaction and Discharge;
      Defeasance and Covenant Defeasance </TD>
    <TD align=right bgColor=#eeeeee >52 </TD></TR>
  <TR vAlign=top>
    <TD align=left noWrap
      >&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
      5.11 </TD>
    <TD align=left width="80%">
    <p style="margin-left: 10">Trustee Not Fiduciary for Holders of Senior
      Indebtedness </TD>
    <TD align=right >52 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee colSpan=2 noWrap>ARTICLE SIX REMEDIES </TD>
    <TD align=right bgColor=#eeeeee >53 </TD></TR>
  <TR vAlign=top>
    <TD align=left noWrap
      >&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
      6.01 </TD>
    <TD align=left width="80%">
    <p style="margin-left: 10">Events of Default </TD>
    <TD align=right >53 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee noWrap
      >&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
      6.02 </TD>
    <TD align=left width="80%" bgColor=#eeeeee>
    <p style="margin-left: 10">Acceleration of Maturity;
      Rescission and Annulment </TD>
    <TD align=right bgColor=#eeeeee >54 </TD></TR>
  <TR vAlign=top>
    <TD align=left noWrap
      >&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
      6.03 </TD>
    <TD align=left width="80%">
    <p style="margin-left: 10">Collection of Debt and Suits for Enforcement by
      Trustees </TD>
    <TD align=right >55 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee noWrap
      >&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
      6.04 </TD>
    <TD align=left width="80%" bgColor=#eeeeee>
    <p style="margin-left: 10">Trustees May File Proofs of
      Claim </TD>
    <TD align=right bgColor=#eeeeee >56 </TD></TR>
  <TR vAlign=top>
    <TD align=left noWrap
      >&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
      6.05 </TD>
    <TD align=left width="80%">
    <p style="margin-left: 10">Trustees May Enforce Claims Without Possession
      of Securities </TD>
    <TD align=right >57 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee noWrap
      >&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
      6.06 </TD>
    <TD align=left width="80%" bgColor=#eeeeee>
    <p style="margin-left: 10">Application of Money Collected
    </TD>
    <TD align=right bgColor=#eeeeee >57 </TD></TR>
  <TR vAlign=top>
    <TD align=left noWrap
      >&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
      6.07 </TD>
    <TD align=left width="80%">
    <p style="margin-left: 10">Limitation on Suits </TD>
    <TD align=right >57 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee noWrap >&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 6.08 </TD>
    <TD align=left bgColor=#eeeeee>
    <p style="margin-left: 10">Unconditional Right of Holders
      to Receive Principal, Premium and Interest </TD>
    <TD align=right bgColor=#eeeeee >58 </TD></TR>
  <TR vAlign=top>
    <TD align=left noWrap
      >&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
      6.09 </TD>
    <TD align=left>
    <p style="margin-left: 10">Restoration of Rights and Remedies </TD>
    <TD align=right >58 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee noWrap
      >&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
      6.10 </TD>
    <TD align=left bgColor=#eeeeee>
    <p style="margin-left: 10">Rights and Remedies Cumulative
    </TD>
    <TD align=right bgColor=#eeeeee >59 </TD></TR>
  <TR vAlign=top>
    <TD align=left noWrap
      >&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
      6.11 </TD>
    <TD align=left>
    <p style="margin-left: 10">Delay or Omission Not Waiver </TD>
    <TD align=right >59 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee noWrap
      >&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
      6.12 </TD>
    <TD align=left bgColor=#eeeeee>
    <p style="margin-left: 10">Control by Holders </TD>
    <TD align=right bgColor=#eeeeee >59 </TD></TR>
  <TR vAlign=top>
    <TD align=left noWrap
      >&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
      6.13 </TD>
    <TD align=left>
    <p style="margin-left: 10">Waiver of Past Defaults </TD>
    <TD align=right >59 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee noWrap
      >&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
      6.14 </TD>
    <TD align=left bgColor=#eeeeee>
    <p style="margin-left: 10">Waiver of Stay or Extension
      Laws </TD>
    <TD align=right bgColor=#eeeeee >60 </TD></TR>
  <TR vAlign=top>
    <TD align=left noWrap
      >&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
      6.15 </TD>
    <TD align=left>
    <p style="margin-left: 10">Undertaking for Costs </TD>
    <TD align=right >60 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee colSpan=2 noWrap>ARTICLE SEVEN THE TRUSTEES </TD>
    <TD align=right bgColor=#eeeeee >60 </TD></TR>
  <TR vAlign=top>
    <TD align=left noWrap
      >&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
      7.01 </TD>
    <TD align=left>
    <p style="margin-left: 10">Notice of Defaults </TD>
    <TD align=right >60 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee noWrap
      >&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
      7.02 </TD>
    <TD align=left bgColor=#eeeeee>
    <p style="margin-left: 10">Certain Duties and
      Responsibilities of Trustees </TD>
    <TD align=right bgColor=#eeeeee >61 </TD></TR>
  <TR vAlign=top>
    <TD align=left noWrap
      >&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
      7.03 </TD>
    <TD align=left>
    <p style="margin-left: 10">Certain Rights of Trustees </TD>
    <TD align=right >62 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee noWrap
      >&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
      7.04 </TD>
    <TD align=left bgColor=#eeeeee>
    <p style="margin-left: 10">Trustees Not Responsible for
      Recitals or Issuance of Securities </TD>
    <TD align=right bgColor=#eeeeee >63 </TD></TR>
  <TR vAlign=top>
    <TD align=left noWrap
      >&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
      7.05 </TD>
    <TD align=left>
    <p style="margin-left: 10">May Hold Securities </TD>
    <TD align=right >64 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee noWrap
      >&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
      7.06 </TD>
    <TD align=left bgColor=#eeeeee>
    <p style="margin-left: 10">Money Held in Trust </TD>
    <TD align=right bgColor=#eeeeee >64 </TD></TR>
  <TR vAlign=top>
    <TD align=left noWrap
      >&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
      7.07 </TD>
    <TD align=left>
    <p style="margin-left: 10">Compensation and Reimbursement </TD>
    <TD align=right >64 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee noWrap
      >&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
      7.08 </TD>
    <TD align=left bgColor=#eeeeee>
    <p style="margin-left: 10">Corporate Trustees Required;
      Eligibility </TD>
    <TD align=right bgColor=#eeeeee >65 </TD></TR>
  <TR vAlign=top>
    <TD align=left noWrap
      >&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
      7.09 </TD>
    <TD align=left>
    <p style="margin-left: 10">Resignation and Removal; Appointment of
      Successor </TD>
    <TD align=right >66 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee noWrap
      >&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
      7.10 </TD>
    <TD align=left bgColor=#eeeeee>
    <p style="margin-left: 10">Acceptance of Appointment by
      Successor </TD>
    <TD align=right bgColor=#eeeeee >67
</TD></TR></TABLE>
<P align=center>- ii - </P>
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<p><A name=page_4></A><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD vAlign=top
      align=left nowrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
      7.11 </TD>
    <TD vAlign=top align=left width="80%">
    <p style="margin-left: 10">Merger, Conversion, Consolidation or
      Succession to Business </TD>
    <TD vAlign=top align=right width="5%">69 </TD></TR>
  <TR vAlign=top>
    <TD vAlign=top align=left
      bgColor=#eeeeee nowrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
      7.12 </TD>
    <TD vAlign=top align=left width="80%" bgColor=#eeeeee>
    <p style="margin-left: 10">Appointment of
      Authenticating Agent </TD>
    <TD vAlign=top align=right width="5%" bgColor=#eeeeee>69 </TD></TR>
  <TR vAlign=top>
    <TD vAlign=top
      align=left nowrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
      7.13 </TD>
    <TD vAlign=top align=left width="80%">
    <p style="margin-left: 10">Joint Trustees </TD>
    <TD vAlign=top align=right width="5%">71 </TD></TR>
  <TR vAlign=top>
    <TD vAlign=top align=left
      bgColor=#eeeeee nowrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
      7.14 </TD>
    <TD vAlign=top align=left width="80%" bgColor=#eeeeee>
    <p style="margin-left: 10">Other Rights of
      Trustees </TD>
    <TD vAlign=top align=right bgColor=#eeeeee>71 </TD></TR>
  <TR vAlign=top>
    <TD vAlign=top
      align=left nowrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
      7.15 </TD>
    <TD vAlign=top align=left width="80%">
    <p style="margin-left: 10">Third Party Interests </TD>
    <TD vAlign=top align=right>73 </TD></TR>
  <TR vAlign=top>
    <TD vAlign=top align=left bgColor=#eeeeee colSpan=2 nowrap>ARTICLE EIGHT HOLDERS&#146;
      LISTS AND REPORTS BY TRUSTEE AND COMPANY </TD>
    <TD vAlign=top align=right bgColor=#eeeeee>73 </TD></TR>
  <TR vAlign=top>
    <TD vAlign=top
      align=left nowrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
      8.01 </TD>
    <TD vAlign=top align=left width="80%">
    <p style="margin-left: 10">Company to Furnish Trustee Names and
      Addresses of Holders </TD>
    <TD vAlign=top align=right>73 </TD></TR>
  <TR vAlign=top>
    <TD vAlign=top align=left
      bgColor=#eeeeee nowrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
      8.02 </TD>
    <TD vAlign=top align=left width="80%" bgColor=#eeeeee>
    <p style="margin-left: 10">Preservation of List
      of Names and Addresses of Holders </TD>
    <TD vAlign=top align=right bgColor=#eeeeee>74 </TD></TR>
  <TR vAlign=top>
    <TD vAlign=top
      align=left nowrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
      8.03 </TD>
    <TD vAlign=top align=left width="80%">
    <p style="margin-left: 10">Disclosure of Names and Addresses of
      Holders </TD>
    <TD vAlign=top align=right>74 </TD></TR>
  <TR vAlign=top>
    <TD vAlign=top align=left
      bgColor=#eeeeee nowrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
      8.04 </TD>
    <TD vAlign=top align=left width="80%" bgColor=#eeeeee>
    <p style="margin-left: 10">Reports by Trustees
    </TD>
    <TD vAlign=top align=right bgColor=#eeeeee>74 </TD></TR>
  <TR vAlign=top>
    <TD vAlign=top
      align=left nowrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
      8.05 </TD>
    <TD vAlign=top align=left width="80%">
    <p style="margin-left: 10">Reports by the Company </TD>
    <TD vAlign=top align=right>74 </TD></TR>
  <TR vAlign=top>
    <TD vAlign=top align=left bgColor=#eeeeee colSpan=2 nowrap>ARTICLE NINE
      CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER OR LEASE </TD>
    <TD vAlign=top align=right bgColor=#eeeeee>75 </TD></TR>
  <TR vAlign=top>
    <TD vAlign=top
      align=left nowrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
      9.01 </TD>
    <TD vAlign=top align=left width="80%">
    <p style="margin-left: 10">Company May Consolidate, etc., only
      on Certain Terms </TD>
    <TD vAlign=top align=right>75 </TD></TR>
  <TR vAlign=top>
    <TD vAlign=top align=left
      bgColor=#eeeeee nowrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
      9.02 </TD>
    <TD vAlign=top align=left width="80%" bgColor=#eeeeee>
    <p style="margin-left: 10">Successor Person
      Substituted </TD>
    <TD vAlign=top align=right bgColor=#eeeeee>76 </TD></TR>
  <TR vAlign=top>
    <TD vAlign=top align=left colSpan=2 nowrap>ARTICLE TEN SUPPLEMENTAL INDENTURES
</TD>
    <TD vAlign=top align=right>77 </TD></TR>
  <TR vAlign=top>
    <TD vAlign=top align=left
      bgColor=#eeeeee nowrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
      10.01 </TD>
    <TD vAlign=top align=left width="80%" bgColor=#eeeeee>
    <p style="margin-left: 10">Supplemental
      Indentures Without Consent of Holders </TD>
    <TD vAlign=top align=right bgColor=#eeeeee>77 </TD></TR>
  <TR vAlign=top>
    <TD vAlign=top
      align=left nowrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
      10.02 </TD>
    <TD vAlign=top align=left width="80%">
    <p style="margin-left: 10">Supplemental Indentures with Consent
      of Holders </TD>
    <TD vAlign=top align=right>78 </TD></TR>
  <TR vAlign=top>
    <TD vAlign=top align=left
      bgColor=#eeeeee nowrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
      10.03 </TD>
    <TD vAlign=top align=left width="80%" bgColor=#eeeeee>
    <p style="margin-left: 10">Execution of
      Supplemental Indentures </TD>
    <TD vAlign=top align=right bgColor=#eeeeee>79 </TD></TR>
  <TR vAlign=top>
    <TD vAlign=top
      align=left nowrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
      10.04 </TD>
    <TD vAlign=top align=left width="80%">
    <p style="margin-left: 10">Effect of Supplemental Indentures
</TD>
    <TD vAlign=top align=right>79 </TD></TR>
  <TR vAlign=top>
    <TD vAlign=top align=left
      bgColor=#eeeeee nowrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
      10.05 </TD>
    <TD vAlign=top align=left width="80%" bgColor=#eeeeee>
    <p style="margin-left: 10">Conformity with
      Trust Indenture Legislation </TD>
    <TD vAlign=top align=right bgColor=#eeeeee>80 </TD></TR>
  <TR vAlign=top>
    <TD vAlign=top
      align=left nowrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
      10.06 </TD>
    <TD vAlign=top align=left width="80%">
    <p style="margin-left: 10">Reference in Securities to
      Supplemental Indentures </TD>
    <TD vAlign=top align=right>80 </TD></TR>
  <TR vAlign=top>
    <TD vAlign=top align=left
      bgColor=#eeeeee nowrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
      10.07 </TD>
    <TD vAlign=top align=left width="80%" bgColor=#eeeeee>
    <p style="margin-left: 10">Notice of
      Supplemental Indentures </TD>
    <TD vAlign=top align=right bgColor=#eeeeee>80 </TD></TR>
  <TR vAlign=top>
    <TD vAlign=top align=left colSpan=2 nowrap>ARTICLE ELEVEN COVENANTS </TD>
    <TD vAlign=top align=right>80 </TD></TR>
  <TR vAlign=top>
    <TD vAlign=top align=left
      bgColor=#eeeeee nowrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
      11.01 </TD>
    <TD vAlign=top align=left width="80%" bgColor=#eeeeee>
    <p style="margin-left: 10">Payment of
      Principal, Premium, if any, and Interest </TD>
    <TD vAlign=top align=right bgColor=#eeeeee>80 </TD></TR>
  <TR vAlign=top>
    <TD vAlign=top
      align=left nowrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
      11.02 </TD>
    <TD vAlign=top align=left width="80%">
    <p style="margin-left: 10">Maintenance of Office or Agency </TD>
    <TD vAlign=top align=right>80 </TD></TR>
  <TR vAlign=top>
    <TD vAlign=top align=left
      bgColor=#eeeeee nowrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
      11.03 </TD>
    <TD vAlign=top align=left width="80%" bgColor=#eeeeee>
    <p style="margin-left: 10">Money for Securities
      Payments to Be Held in Trust </TD>
    <TD vAlign=top align=right bgColor=#eeeeee>82 </TD></TR>
  <TR vAlign=top>
    <TD vAlign=top
      align=left nowrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
      11.04 </TD>
    <TD vAlign=top align=left>
    <p style="margin-left: 10">Statement as to Compliance </TD>
    <TD vAlign=top align=right>83 </TD></TR>
  <TR vAlign=top>
    <TD vAlign=top align=left
      bgColor=#eeeeee nowrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
      11.05 </TD>
    <TD vAlign=top align=left bgColor=#eeeeee>
    <p style="margin-left: 10">Additional Amounts
    </TD>
    <TD vAlign=top align=right bgColor=#eeeeee>84 </TD></TR>
  <TR vAlign=top>
    <TD vAlign=top
      align=left nowrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
      11.06 </TD>
    <TD vAlign=top align=left>
    <p style="margin-left: 10">Payment of Taxes and Other Claims
</TD>
    <TD vAlign=top align=right>85 </TD></TR>
  <TR vAlign=top>
    <TD vAlign=top align=left
      bgColor=#eeeeee nowrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
      11.07 </TD>
    <TD vAlign=top align=left bgColor=#eeeeee>
    <p style="margin-left: 10">Corporate Existence
    </TD>
    <TD vAlign=top align=right bgColor=#eeeeee>85 </TD></TR>
  <TR vAlign=top>
    <TD vAlign=top
      align=left nowrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
      11.08 </TD>
    <TD vAlign=top align=left>
    <p style="margin-left: 10">Waiver of Certain Covenants </TD>
    <TD vAlign=top align=right>86 </TD></TR>
  <TR vAlign=top>
    <TD vAlign=top align=left bgColor=#eeeeee colSpan=2 nowrap>ARTICLE TWELVE
      REDEMPTION OF SECURITIES </TD>
    <TD vAlign=top align=right bgColor=#eeeeee>86 </TD></TR>
  <TR vAlign=top>
    <TD vAlign=top
      align=left nowrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
      12.01 </TD>
    <TD vAlign=top align=left>
    <p style="margin-left: 10">Applicability of Article </TD>
    <TD vAlign=top align=right>86 </TD></TR>
  <TR vAlign=top>
    <TD vAlign=top align=left
      bgColor=#eeeeee nowrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
      12.02 </TD>
    <TD vAlign=top align=left bgColor=#eeeeee>
    <p style="margin-left: 10">Election to Redeem;
      Notice to Trustees </TD>
    <TD vAlign=top align=right bgColor=#eeeeee>86 </TD></TR>
  <TR vAlign=top>
    <TD vAlign=top
      align=left nowrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
      12.03 </TD>
    <TD vAlign=top align=left>
    <p style="margin-left: 10">Selection by Trustees of Securities
      to Be Redeemed </TD>
    <TD vAlign=top align=right>86 </TD></TR>
  <TR vAlign=top>
    <TD vAlign=top align=left
      bgColor=#eeeeee nowrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
      12.04 </TD>
    <TD vAlign=top align=left bgColor=#eeeeee>
    <p style="margin-left: 10">Notice of Redemption
    </TD>
    <TD vAlign=top align=right bgColor=#eeeeee>87 </TD></TR>
  <TR vAlign=top>
    <TD vAlign=top
      align=left nowrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
      12.05 </TD>
    <TD vAlign=top align=left>
    <p style="margin-left: 10">Deposit of Redemption Price </TD>
    <TD vAlign=top align=right>88 </TD></TR>
  <TR vAlign=top>
    <TD vAlign=top align=left
      bgColor=#eeeeee nowrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
      12.06 </TD>
    <TD vAlign=top align=left bgColor=#eeeeee>
    <p style="margin-left: 10">Securities Payable
      on Redemption Date </TD>
    <TD vAlign=top align=right bgColor=#eeeeee>88 </TD></TR>
  <TR vAlign=top>
    <TD vAlign=top
      align=left nowrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
      12.07 </TD>
    <TD vAlign=top align=left>
    <p style="margin-left: 10">Securities Redeemed in Part </TD>
    <TD vAlign=top align=right>89 </TD></TR>
  <TR vAlign=top>
    <TD vAlign=top align=left
      bgColor=#eeeeee nowrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
      12.08 </TD>
    <TD vAlign=top align=left bgColor=#eeeeee>
    <p style="margin-left: 10">Tax Redemption </TD>
    <TD vAlign=top align=right bgColor=#eeeeee>89 </TD></TR>
  <TR vAlign=top>
    <TD vAlign=top align=left colSpan=2 nowrap>ARTICLE THIRTEEN SINKING FUNDS </TD>
    <TD vAlign=top align=right>90 </TD></TR>
  <TR vAlign=top>
    <TD vAlign=top align=left
      bgColor=#eeeeee nowrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
      13.01 </TD>
    <TD vAlign=top align=left bgColor=#eeeeee>
    <p style="margin-left: 10">Applicability of
      Article </TD>
    <TD vAlign=top align=right bgColor=#eeeeee>90
</TD></TR></TABLE>
<P align=center>- iii - </P>
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<p><A name=page_5></A><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD vAlign=top noWrap
      align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
      13.02 </TD>
    <TD vAlign=top noWrap align=left width="80%">
    <p style="margin-left: 10">Satisfaction of Sinking Fund
      Payments with Securities </TD>
    <TD vAlign=top noWrap align=right width="5%">90 </TD></TR>
  <TR vAlign=top>
    <TD vAlign=top noWrap align=left
      bgColor=#eeeeee>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
      13.03 </TD>
    <TD vAlign=top noWrap align=left width="80%" bgColor=#eeeeee>
    <p style="margin-left: 10">Redemption of
      Securities for Sinking Fund </TD>
    <TD vAlign=top noWrap align=right width="5%" bgColor=#eeeeee>91 </TD></TR>
  <TR vAlign=top>
    <TD vAlign=top align=left colSpan=2 noWrap>ARTICLE FOURTEEN REPAYMENT AT OPTION
      OF HOLDERS </TD>
    <TD vAlign=top align=right width="5%">92 </TD></TR>
  <TR vAlign=top>
    <TD vAlign=top align=left
      bgColor=#eeeeee noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
      14.01 </TD>
    <TD vAlign=top align=left width="80%" bgColor=#eeeeee>
    <p style="margin-left: 10">Applicability of
      Article </TD>
    <TD vAlign=top align=right width="5%" bgColor=#eeeeee>92 </TD></TR>
  <TR vAlign=top>
    <TD vAlign=top
      align=left noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
      14.02 </TD>
    <TD vAlign=top align=left width="80%">
    <p style="margin-left: 10">Repayment of Securities </TD>
    <TD vAlign=top align=right>92 </TD></TR>
  <TR vAlign=top>
    <TD vAlign=top align=left
      bgColor=#eeeeee noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
      14.03 </TD>
    <TD vAlign=top align=left width="80%" bgColor=#eeeeee>
    <p style="margin-left: 10">Exercise of Option
    </TD>
    <TD vAlign=top align=right bgColor=#eeeeee>92 </TD></TR>
  <TR vAlign=top>
    <TD vAlign=top
      align=left noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
      14.04 </TD>
    <TD vAlign=top align=left width="80%">
    <p style="margin-left: 10">When Securities Presented for
      Repayment Become Due and Payable </TD>
    <TD vAlign=top align=right>93 </TD></TR>
  <TR vAlign=top>
    <TD vAlign=top align=left
      bgColor=#eeeeee noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
      14.05 </TD>
    <TD vAlign=top align=left bgColor=#eeeeee>
    <p style="margin-left: 10">Securities Repaid in
      Part </TD>
    <TD vAlign=top align=right bgColor=#eeeeee>94 </TD></TR>
  <TR vAlign=top>
    <TD vAlign=top align=left colSpan=2 noWrap>ARTICLE FIFTEEN DEFEASANCE AND
      COVENANT DEFEASANCE </TD>
    <TD vAlign=top align=right>94 </TD></TR>
  <TR vAlign=top>
    <TD vAlign=top align=left
      bgColor=#eeeeee noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
      15.01 </TD>
    <TD vAlign=top align=left bgColor=#eeeeee>
    <p style="margin-left: 10">Company&#146;s Option to
      Effect Defeasance or Covenant Defeasance </TD>
    <TD vAlign=top align=right bgColor=#eeeeee>94 </TD></TR>
  <TR vAlign=top>
    <TD vAlign=top
      align=left noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
      15.02 </TD>
    <TD vAlign=top align=left>
    <p style="margin-left: 10">Defeasance and Discharge </TD>
    <TD vAlign=top align=right>94 </TD></TR>
  <TR vAlign=top>
    <TD vAlign=top align=left
      bgColor=#eeeeee noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
      15.03 </TD>
    <TD vAlign=top align=left bgColor=#eeeeee>
    <p style="margin-left: 10">Covenant Defeasance
    </TD>
    <TD vAlign=top align=right bgColor=#eeeeee>95 </TD></TR>
  <TR vAlign=top>
    <TD vAlign=top
      align=left noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
      15.04 </TD>
    <TD vAlign=top align=left>
    <p style="margin-left: 10">Conditions to Defeasance or Covenant
      Defeasance </TD>
    <TD vAlign=top align=right>95 </TD></TR>
  <TR vAlign=top>
    <TD vAlign=top align=left
      bgColor=#eeeeee noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
      15.05 </TD>
    <TD vAlign=top align=left bgColor=#eeeeee>
    <p style="margin-left: 10">Deposited Money and
      Government Obligations to Be Held in Trust; Other Miscellaneous Provisions
    </TD>
    <TD vAlign=top align=right bgColor=#eeeeee>97 </TD></TR>
  <TR vAlign=top>
    <TD vAlign=top
      align=left noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
      15.06 </TD>
    <TD vAlign=top align=left>
    <p style="margin-left: 10">Reinstatement </TD>
    <TD vAlign=top align=right>98 </TD></TR>
  <TR vAlign=top>
    <TD vAlign=top align=left bgColor=#eeeeee colSpan=2 noWrap>ARTICLE SIXTEEN
      MEETINGS OF HOLDERS OF SECURITIES </TD>
    <TD vAlign=top align=right bgColor=#eeeeee>99 </TD></TR>
  <TR vAlign=top>
    <TD vAlign=top
      align=left noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
      16.01 </TD>
    <TD vAlign=top align=left>
    <p style="margin-left: 10">Purposes for Which Meetings May Be
      Called </TD>
    <TD vAlign=top align=right>99 </TD></TR>
  <TR vAlign=top>
    <TD vAlign=top align=left
      bgColor=#eeeeee noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
      16.02 </TD>
    <TD vAlign=top align=left bgColor=#eeeeee>
    <p style="margin-left: 10">Call, Notice and
      Place of Meetings </TD>
    <TD vAlign=top align=right bgColor=#eeeeee>99 </TD></TR>
  <TR vAlign=top>
    <TD vAlign=top
      align=left noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
      16.03 </TD>
    <TD vAlign=top align=left>
    <p style="margin-left: 10">Persons Entitled to Vote at Meetings
    </TD>
    <TD vAlign=top align=right>99 </TD></TR>
  <TR vAlign=top>
    <TD vAlign=top align=left
      bgColor=#eeeeee noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
      16.04 </TD>
    <TD vAlign=top align=left bgColor=#eeeeee>
    <p style="margin-left: 10">Quorum; Action </TD>
    <TD vAlign=top align=right bgColor=#eeeeee>100 </TD></TR>
  <TR vAlign=top>
    <TD vAlign=top
      align=left noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
      16.05 </TD>
    <TD vAlign=top align=left>
    <p style="margin-left: 10">Determination of Voting Rights;
      Conduct and Adjournment of Meetings </TD>
    <TD vAlign=top align=right>101 </TD></TR>
  <TR vAlign=top>
    <TD vAlign=top align=left
      bgColor=#eeeeee noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
      16.06 </TD>
    <TD vAlign=top align=left bgColor=#eeeeee>
    <p style="margin-left: 10">Counting Votes and
      Recording Action of Meetings </TD>
    <TD vAlign=top align=right bgColor=#eeeeee>102 </TD></TR>
  <TR vAlign=top>
    <TD vAlign=top
      align=left noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
      16.07 </TD>
    <TD vAlign=top align=left>
    <p style="margin-left: 10">Waiver of Jury Trial </TD>
    <TD vAlign=top align=right>102 </TD></TR>
  <TR vAlign=top>
    <TD vAlign=top align=left
      bgColor=#eeeeee noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
      16.08 </TD>
    <TD vAlign=top align=left bgColor=#eeeeee>
    <p style="margin-left: 10">Counterparts </TD>
    <TD vAlign=top align=right bgColor=#eeeeee>102
</TD></TR></TABLE>
<P align=center>- iv - </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<P align=justify>CROSS-REFERENCE TABLE </P>
<DIV align=center>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="50%" border=0>

  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=center width="47%">TIA </TD>
    <TD align=center width="47%" nowrap>Indenture </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=center width="47%">Section </TD>
    <TD align=center width="47%" nowrap>Section </TD></TR>
  <TR vAlign=top>
    <TD align=left >310 </TD>
    <TD align=left width="47%">(a) </TD>
    <TD align=left width="47%" nowrap>7.08 </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="47%">(b) </TD>
    <TD align=left width="47%" nowrap>7.05, 7.09 </TD></TR>
  <TR vAlign=top>
    <TD align=left >311 </TD>
    <TD align=left width="47%">(a) </TD>
    <TD align=left width="47%" nowrap>7.05 </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="47%">(b) </TD>
    <TD align=left width="47%" nowrap>7.05 </TD></TR>
  <TR vAlign=top>
    <TD align=left >312 </TD>
    <TD align=left width="47%">(a) </TD>
    <TD align=left width="47%" nowrap>8.01 </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="47%">(b) </TD>
    <TD align=left width="47%" nowrap>8.02 </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="47%">(c) </TD>
    <TD align=left width="47%" nowrap>8.03 </TD></TR>
  <TR vAlign=top>
    <TD align=left >313 </TD>
    <TD align=left width="47%">(a) </TD>
    <TD align=left width="47%" nowrap>8.04 </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="47%">(b) </TD>
    <TD align=left width="47%" nowrap>8.04 </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="47%">(c) </TD>
    <TD align=left width="47%" nowrap>7.01, 8.04, 8.05 </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="47%">(d) </TD>
    <TD align=left width="47%" nowrap>8.04 </TD></TR>
  <TR vAlign=top>
    <TD align=left >314 </TD>
    <TD align=left width="47%">(a) </TD>
    <TD align=left width="47%" nowrap>8.05, 11.04 </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="47%">(c) </TD>
    <TD align=left width="47%" nowrap>1.02 </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="47%">(e) </TD>
    <TD align=left width="47%" nowrap>1.02 </TD></TR>
  <TR vAlign=top>
    <TD align=left >315 </TD>
    <TD align=left width="47%">(a) </TD>
    <TD align=left width="47%" nowrap>7.02 </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="47%">(b) </TD>
    <TD align=left width="47%" nowrap>7.01 </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="47%">(c) </TD>
    <TD align=left width="47%" nowrap>7.02 </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="47%">(d) </TD>
    <TD align=left width="47%" nowrap>7.02, 7.07 </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="47%">(e) </TD>
    <TD align=left width="47%" nowrap>6.15, 7.09(4) </TD></TR>
  <TR vAlign=top>
    <TD align=left >316 </TD>
    <TD align=left width="47%">(a) </TD>
    <TD align=left width="47%" nowrap>1.01 (&#147;Outstanding&#148;), 6.12, 6.13 </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="47%">(b) </TD>
    <TD align=left width="47%" nowrap>6.08 </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="47%">(c) </TD>
    <TD align=left width="47%" nowrap>1.04(e) </TD></TR>
  <TR vAlign=top>
    <TD align=left >317 </TD>
    <TD align=left width="47%">(a)(1) </TD>
    <TD align=left width="47%" nowrap>6.03 </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="47%">(a)(2) </TD>
    <TD align=left width="47%" nowrap>6.04 </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="47%">(b) </TD>
    <TD align=left width="47%" nowrap>11.03 </TD></TR>
  <TR vAlign=top>
    <TD align=left >318 </TD>
    <TD align=left width="47%">(a) </TD>
    <TD align=left width="47%" nowrap>1.16 </TD></TR></TABLE></DIV>
<P align=justify style="text-indent:5%">Note: This Cross-Reference Table shall not, for any purpose, be
deemed to be part of this Indenture.</P>
<P align=center>- v - </P>
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<P align=center><B>ENERGY FUELS INC. </B></P>
<P align=center><B>FORM OF INDENTURE </B></P>
<P align=justify style="text-indent: 5%">INDENTURE, dated as of ____________________, between energy
ENERGY FUELS INC., a corporation duly continued and existing under the laws of
Ontario (herein called the &#147;Company&#148;), having its principal office at Suite 600,
225 Union Blvd., Lakewood, Colorado 80228 and [_______________], a trust
company, organized under the laws of the United States, as U.S. trustee (herein
called the &#147;U.S. Trustee&#148;), and [_______________], a trust company duly
organized and existing under the laws of Canada, as Canadian trustee (the
&#147;Canadian Trustee&#148; and, together with the U.S. Trustee, the &#147;Trustees&#148;). </P>
<P align=center>RECITALS OF THE COMPANY </P>
<P align=justify style="text-indent: 5%">The Company has duly authorized the execution and delivery of
this Indenture to provide for the issuance from time to time of its debentures
(secured and unsecured), notes or other evidences of indebtedness (herein called
the &#147;Securities&#148;), which may be convertible into or exchangeable for any
securities of any person (including the Company), to be issued in one or more
series as in this Indenture provided. </P>
<P align=justify style="text-indent: 5%">This Indenture is subject to the provisions of Trust Indenture
Legislation (as defined below) that are required to be part of this Indenture
and shall, to the extent applicable, be governed by such provisions. </P>
<P align=justify style="text-indent: 5%">All things necessary to make this Indenture a valid agreement
of the Company, in accordance with its terms, have been done. </P>
<P align=justify>NOW, THEREFORE, THIS INDENTURE WITNESSETH: </P>
<P align=justify style="text-indent: 5%">For and in consideration of the premises and the purchase of
the Securities by the Holders (as defined below) thereof, it is mutually
covenanted and agreed, for the equal and proportionate benefit of all Holders of
the Securities or of series thereof, as follows: </P>
<P align=center>ARTICLE ONE <BR>DEFINITIONS AND OTHER PROVISIONS OF GENERAL
APPLICATION </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left ><B>Section 1.01</B> </TD>
    <TD align=left width="85%"><B>Definitions</B> </TD></TR></TABLE>
<P align=justify style="text-indent: 5%">For all purposes of this Indenture, except as otherwise
expressly provided or unless the context otherwise requires: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(1) </TD>
    <TD>
      <P align=justify>the terms defined in this Article have the meanings
      assigned to them in this Article and include the plural as well as the
      singular;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=top width="5%">(2) </TD>
    <TD>
      <P align=justify>all other terms used herein which are defined in the
      Trust Indenture Act, either directly or by reference therein, have the
      meanings assigned to them therein, and the terms &#147;cash transaction&#148; and
      &#147;self-liquidating paper&#148;, as used in Section 311 of the Trust Indenture Act, shall have the meanings
      assigned to them in the rules of the Commission adopted under the Trust
      Indenture Act;</P></TD></TR></TABLE>
<P align=center>- 1 - </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
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<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(3) </TD>
    <TD>
      <P align=justify>all accounting terms not otherwise defined herein have
      the meanings assigned to them in accordance with Canadian generally
      accepted accounting principles, and, except as otherwise herein expressly
      provided, the term &#147;generally accepted accounting principles&#148; with respect
      to any computation required or permitted hereunder shall mean such
      accounting principles as are generally accepted in the Canada at the date
      of such computation;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(4) </TD>
    <TD>
      <P align=justify>the words &#147;herein&#148;, &#147;hereof&#148; and &#147;hereunder&#148; and other
      words of similar import refer to this Indenture as a whole and not to any
      particular Article, Section or other subdivision;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(5) </TD>
    <TD>
      <P align=justify>&#147;or&#148; is not exclusive;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(6) </TD>
    <TD>
      <P align=justify>words implying any gender shall apply to all genders;
      and</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(7) </TD>
    <TD>
      <P align=justify>the words Subsection, Section and Article refer to the
      Subsections, Sections and Articles, respectively, of this Indenture unless
      otherwise noted.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%" >&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%" >(8) </TD>
    <TD >&#147;include&#148;, &#147;includes&#148; or &#147;including&#148; means include,
      includes or including, in each case, without limitation.
</TD></TR></TABLE>
<P align=justify style="text-indent: 5%">Certain terms, used principally in Article Three, are defined
in that Article. </P>
<P align=justify style="text-indent: 5%">&#147;accelerated indebtedness&#148; has the meaning specified in Section
6.01. </P>
<P align=justify style="text-indent: 5%">&#147;Act&#148;, when used with respect to any Holder, has the meaning
specified in Section 1.04. </P>
<P align=justify style="text-indent: 5%">&#147;Additional Amounts&#148; has the meaning specified in Section
11.05. </P>
<P align=justify style="text-indent: 5%">&#147;Affiliate&#148; of any specified Person means any other Person
directly or indirectly controlling or controlled by or under direct or indirect
common control with such specified Person. For the purposes of this definition,
&#147;control&#148; when used with respect to any specified Person means the power to
direct the management and policies of such Person, directly or indirectly,
whether through the ownership of voting securities, by contract or otherwise;
and the terms &#147;controlling&#148; and &#147;controlled&#148; have meanings correlative to the
foregoing. </P>
<P align=justify style="text-indent: 5%">&#147;Appropriate Trustee&#148; means, with respect to the Canadian
Securities, the Canadian Trustee, and with respect to the U.S. Securities, the
U.S. Trustee. </P>
<P align=justify style="text-indent: 5%">&#147;Authenticating Agent&#148; means any Person authorized by either
Trustee pursuant to Section 7.12 to act on behalf of such Trustee to
authenticate Securities. </P>
<P align=justify style="text-indent: 5%">&#147;Authorized Newspaper&#148; means a newspaper, in the English
language or in an official language of the country of publication, customarily
published on each Business Day, and of general circulation in each place in
connection with which the term is used or in the financial community of each such place. Where successive publications are
required to be made in Authorized Newspapers, the successive publications may be
made in the same or in different newspapers in the same city meeting the
foregoing requirements and in each case on any Business Day. </P>
<P align=center>- 2 - </P>
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<P align=justify style="text-indent: 5%">&#147;Base Currency&#148; has the meaning specified in Section 1.14. </P>
<P align=justify style="text-indent: 5%">&#147;OBCA&#148; means the Business Corporations Act (Ontario), as
amended. </P>
<P align=justify style="text-indent: 5%">&#147;Bearer Security&#148; means any Security except a Registered
Security. </P>
<P align=justify style="text-indent: 5%">&#147;Board of Directors&#148; means either the board of directors of the
Company or any duly authorized committee of such board. </P>
<P align=justify style="text-indent: 5%">&#147;Board Resolution&#148; means a copy of a resolution certified by
the Chief Financial Officer or the Corporate Secretary of the Company to have
been duly adopted by the Board of Directors and to be in full force and effect
on the date of such certification, and delivered to the Trustees. </P>
<P align=justify style="text-indent: 5%">&#147;Branch Register&#148; has the meaning specified in Section 3.05.
</P>
<P align=justify style="text-indent: 5%">&#147;Branch Security Registrar&#148; has the meaning specified in
Section 3.05. </P>
<P align=justify style="text-indent: 5%">&#147;Business Day&#148;, when used with respect to any Place of Payment
or any other particular location referred to in this Indenture or in the
Securities, means, unless otherwise specified with respect to any Securities
pursuant to Section 3.01, any day other than Saturday, Sunday or any other day
on which the offices of the Trustees are closed. </P>
<P align=justify style="text-indent: 5%">&#147;calculation period&#148; has the meaning specified in Section 3.10.
</P>
<P align=justify style="text-indent: 5%">&#147;Canadian Securities Authorities&#148; means the securities
commissions or similar authorities in Canada. </P>
<P align=justify style="text-indent: 5%">&#147;Canadian Taxes&#148; has the meaning specified in Section 11.05.
</P>
<P align=justify style="text-indent: 5%">&#147;Canadian Trustee&#148; means the Person named as the &#147;Canadian
Trustee&#148; in the first paragraph of this Indenture until a successor Canadian
Trustee shall have become such pursuant to the applicable provisions of this
Indenture, and thereafter &#147;Canadian Trustee&#148; shall mean or include each Person
who is then a Canadian Trustee hereunder; <U>provided</U>, <U>however</U>, that
if at any time there is more than one such Person, &#147;Canadian Trustee&#148; as used
with respect to the Securities of any series shall mean only the Canadian
Trustee with respect to Securities of that series. </P>
<P align=justify style="text-indent: 5%">&#147;Capital Lease Obligation&#148; means the obligation of a Person, as
lessee, to pay rent or other amounts to the lessor under a lease of real or
personal property which is required to be classified and accounted for as a
capital lease on a consolidated balance sheet of such person in accordance with
GAAP. </P>
<P align=center>- 3 - </P>
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<P align=justify style="text-indent: 5%">&#147;Capital Stock&#148; in any Person means any and all shares,
interests, partnership interests, participations or other equivalents however
designated in the equity interest in such Person and any rights (other than debt
securities convertible into an equity interest), warrants or options to acquire
any equity interest in such Person. </P>
<P align=justify style="text-indent: 5%">&#147;Central Register&#148; has the meaning specified in Section 3.05.
</P>
<P align=justify style="text-indent: 5%">&#147;Central Security Registrar&#148; has the meaning specified in
Section 3.05. </P>
<P align=justify style="text-indent: 5%">&#147;Commission&#148; means the U.S. Securities and Exchange Commission,
as from time to time constituted, created under the Exchange Act, or, if at any
time after the execution of this Indenture such Commission is not existing and
performing the duties now assigned to it under the Trust Indenture Act, then the
body performing such duties at such time. </P>
<P align=justify style="text-indent: 5%">&#147;Common Depositary&#148; has the meaning specified in Section 3.04.
</P>
<P align=justify style="text-indent: 5%">&#147;Company&#148; means the Person named as the &#147;Company&#148; in the first
paragraph of this Indenture until a successor Person shall have become such
pursuant to the applicable provisions of this Indenture, and thereafter
&#147;Company&#148; shall mean such successor Person. </P>
<P align=justify style="text-indent: 5%">&#147;Company Request&#148; or &#147;Company Order&#148; means a written request or
order signed in the name of the Company by the Executive Chairman of the Board
of Directors, the President, the Chief Executive Officer, or the Chief Operating
Officer, or if two or more persons share such office any one of such persons,
and by the Chief Financial Officer or the Corporate Secretary of the Company, or
if two or more persons share such office any one of such persons, and delivered
to the Trustees. </P>
<P align=justify style="text-indent: 5%">&#147;Component Currency&#148; has the meaning specified in Section
3.11(h) . </P>
<P align=justify style="text-indent: 5%">&#147;Conversion Date&#148; has the meaning specified in Section 3.11(d)
.. </P>
<P align=justify style="text-indent: 5%">&#147;Conversion Event&#148; means the cessation of use of (i) a Foreign
Currency (other than the Euro or other currency unit both by the government of
the country which issued such Currency and by a central bank or other public
institution of or within the international banking community for the settlement
of transactions, (ii) the Euro or (iii) any currency unit (or composite
currency) other than the Euro for the purposes for which it was established.
</P>
<P align=justify style="text-indent: 5%">&#147;Corporate Trust Office&#148; means the principal corporate trust
office of the U.S. Trustee or the Canadian Trustee, as applicable, or the
principal corporate trust office of any successor Trustee, at which at any
particular time its corporate trust business may be administered, such an office
on the date of execution of this Indenture of the U.S. Trustee is located at
[_______________], Attention: [_______________], and of the Canadian Trustee is
located at [_______________], Attention: [_______________], except that with
respect to presentation of Securities for payment or for registration of
transfer or exchange, such term shall mean the office or agency of the U.S.
Trustee or the Canadian Trustee, as applicable, designated in writing to the
Company at which, at any particular time, its corporate agency business shall be
conducted. </P>
<P align=justify style="text-indent: 5%">&#147;corporation&#148; includes corporations, associations, companies
and business trusts. </P>
<P align=center>- 4 - </P>
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<P align=justify style="text-indent: 5%">&#147;coupon&#148; means any interest coupon appertaining to a Bearer
Security. </P>
<P align=justify style="text-indent: 5%">&#147;covenant defeasance&#148; has the meaning specified in Section
15.03.</P>
<P align=justify style="text-indent: 5%">&#147;Currency&#148; means any currency or currencies, composite currency
or currency unit or currency units, including, without limitation, the Euro,
issued by the government of one or more countries or by any recognized
confederation or association of such governments. </P>
<P align=justify style="text-indent: 5%">&#147;Default&#148; means any event which is, or after notice or passage
of time or both would be, an Event of Default. </P>
<P align=justify style="text-indent: 5%">&#147;Defaulted Interest&#148; has the meaning specified in Section 3.07.
</P>
<P align=justify style="text-indent: 5%">&#147;defeasance&#148; has the meaning specified in Section 15.02. </P>
<P align=justify style="text-indent: 5%">&#147;Depositary &#147; means, with respect to the Securities of any
series issuable or issued in the form of one or more Registered Securities, the
Depositary Trust Company, or any successor thereto, or any other Person
designated as Depositary by the Company pursuant to Section 3.05 until a
successor Depositary shall have become such pursuant to the applicable
provisions of this Indenture, and thereafter &#147;Depositary&#148; shall mean or include
each Person who is then a Depositary hereunder, and, if at any time there is
more than one such Person, &#147;Depositary&#148; as used with respect to the Securities
of any such series shall mean the Depositary with respect to the Registered
Securities of that series. </P>
<P align=justify style="text-indent: 5%">&#147;Dollar&#148; or &#147;$&#148; means a dollar or other equivalent unit in such
coin or currency of the United States of America as at the time shall be legal
tender for the payment of public and private debts. </P>
<P align=justify style="text-indent: 5%">&#147;Dollar Equivalent of the Currency Unit&#148; has the meaning
specified in Section 3.11(g) . </P>
<P align=justify style="text-indent: 5%">&#147;Dollar Equivalent of the Foreign Currency&#148; has the meaning
specified in Section 3.11(f) . </P>
<P align=justify style="text-indent: 5%">&#147;Election Date&#148; has the meaning specified in Section 3.11(h) .
</P>
<P align=justify style="text-indent: 5%">&#147;Euro&#148; means the single currency of the participating member
states from time to time of the European Union described in legislation of the
European Counsel for the operation of a single unified European currency
(whether known as the Euro or otherwise). </P>
<P align=justify style="text-indent: 5%">&#147;Event of Default&#148; has the meaning specified in Section 6.01.
</P>
<P align=justify style="text-indent: 5%">&#147;Exchange Act&#148; means the United States <I>Securities Exchange
Act of 1934,</I> as amended. </P>
<P align=justify style="text-indent: 5%">&#147;Exchange Date&#148; has the meaning specified in Section 3.04. </P>
<P align=justify style="text-indent: 5%">&#147;Exchange Rate Agent&#148; means, with respect to Securities of or
within any series, unless otherwise specified with respect to any Securities
pursuant to Section 3.01, a New York clearing house bank, designated pursuant to
Section 3.01 or Section 3.12. </P>
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<P align=justify style="text-indent: 5%">&#147;Exchange Rate Officers&#146; Certificate&#148; means a certificate
setting forth (i) the applicable Market Exchange Rate and (ii) the Dollar or
Foreign Currency amounts of principal (and premium, if any) and interest, if any
(on an aggregate basis and on the basis of a Security having the lowest
denomination principal amount determined in accordance with Section 3.02 below
in the relevant Currency), payable with respect to a Security of any series on
the basis of such Market Exchange Rate, signed by the Chief Executive Officer,
President or Chief Financial Officer of the Company. </P>
<P align=justify style="text-indent: 5%">&#147;Exchanges&#148; means the NYSE MKT and the Toronto Stock Exchange
and any other securities exchange or automated quotation system upon which the
Securities are or become listed or quoted. </P>
<P align=justify style="text-indent: 5%">&#147;Excluded Holder&#148; has the meaning specified in Section 11.05.
</P>
<P align=justify style="text-indent: 5%">&#147;First Currency&#148; has the meaning specified in Section 1.15.
</P>
<P align=justify style="text-indent: 5%">&#147;Foreign Currency&#148; means any Currency other than Currency of
the United States. </P>
<P align=justify style="text-indent: 5%">&#147;GAAP&#148; means generally accepted accounting principles in Canada
in effect from time to time, unless the Person&#146;s most recent audited or
quarterly financial statements are not prepared in accordance with generally
accepted accounting principles in Canada, in which case &#147;GAAP&#148; shall mean
generally accepted accounting principles in the United States in effect from
time to time. </P>
<P align=justify style="text-indent: 5%">&#147;Government Obligations&#148; means, unless otherwise specified with
respect to any series of Securities pursuant to Section 3.01, securities which
are (i) direct obligations of the government which issued the Currency in which
the Securities of a particular series are payable or (ii) obligations of a
Person controlled or supervised by and acting as an agency or instrumentality of
the government which issued the Currency in which the Securities of such series
are payable, the payment of which is unconditionally guaranteed by such
government, which, in either case, are full faith and credit obligations of such
government payable in such Currency and are not callable or redeemable at the
option of the issuer thereof and shall also include a depositary receipt issued
by a bank or trust company as custodian with respect to any such Government
Obligation or a specific payment of interest on or principal of any such
Government Obligation held by such custodian for the account of the holder of a
depositary receipt; <U>provided</U> that (except as required by law) such
custodian is not authorized to make any deduction from the amount payable to the
holder of such depositary receipt from any amount received by the custodian in
respect of the Government Obligation or the specific payment of interest or
principal of the Government Obligation evidenced by such depositary receipt.
</P>
<P align=justify style="text-indent: 5%">&#147;Holder&#148; means, in the case of a Registered Security, the
Person in whose name a Security is registered in the Security Register and, in
the case of a Bearer Security, the bearer thereof and, when used with respect to
any coupon, shall mean the bearer thereof. </P>
<P align=justify style="text-indent: 5%">&#147;Indenture&#148; means this instrument as originally executed and as
it may from time to time be supplemented or amended by one or more indentures
supplemental hereto entered into pursuant to the applicable provisions hereof,
and shall include the terms of particular series of Securities established as
contemplated by Section 3.01; <U>provided</U>, <U>however</U>, that, if at any
time more than one Person is acting as Trustee under this
instrument, &#147;Indenture&#148; shall mean, with respect to any one or more series of
Securities for which such Person is Trustee, this instrument as originally
executed or as it may from time to time be supplemented or amended by one or
more indentures supplemental hereto entered into pursuant to the applicable
provisions hereof and shall include the terms of the particular series of
Securities for which such Person is Trustee established as contemplated by
Section 3.01, exclusive, however, of any provisions or terms which relate solely
to other series of Securities for which such Person is not Trustee, regardless
of when such terms or provisions were adopted, and exclusive of any provisions
or terms adopted by means of one or more indentures supplemental hereto executed
and delivered after such Person had become such Trustee but to which such
Person, as such Trustee, was not a party. </P>
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<P align=justify style="text-indent: 5%">&#147;Indexed Security&#148; means a Security the terms of which provide
that the principal amount thereof payable at Stated Maturity may be more or less
than the principal face amount thereof at original issuance. </P>
<P align=justify style="text-indent: 5%">&#147;interest&#148;, when used with respect to an Original Issue
Discount Security which by its terms bears interest only after Maturity, means
interest payable after Maturity at the rate prescribed in such Original Issue
Discount Security. </P>
<P align=justify style="text-indent: 5%">&#147;Interest Payment Date&#148;, when used with respect to any
Security, means the Stated Maturity of an installment of interest on such
Security. </P>
<P align=justify style="text-indent: 5%">&#147;Judgment Currency&#148; has the meaning specified in Section 1.14.
</P>
<P align=justify style="text-indent: 5%">&#147;Lien&#148; means any mortgage, pledge, hypothecation, charge,
assignment, deposit arrangement, encumbrance, security interest, lien (statutory
or other), or preference, priority or other security or similar agreement or
preferential arrangement of any kind or nature whatsoever (including, without
limitation, any agreement to give or grant a Lien or any lease, conditional sale
or other title retention agreement having substantially the same economic effect
as any of the foregoing) but not including any security interest in respect of a
lease which is not a Capital Lease Obligation and provided that such term shall
not include any encumbrance that may be deemed to arise solely as a result of
entering into an agreement, not in violation of the terms of this Indenture, to
sell or otherwise transfer assets or Property. </P>
<P align=justify style="text-indent: 5%">&#147;mandatory sinking fund payment&#148; has the meaning specified in
Section 13.01. </P>
<P align=justify style="text-indent: 5%">&#147;Market Exchange Rate&#148; means, unless otherwise specified with
respect to any Securities pursuant to Section 3.01, (i) for any conversion
involving a currency unit on the one hand and Dollars or any Foreign Currency on
the other, the exchange rate between the relevant currency unit and Dollars or
such Foreign Currency calculated by the method specified pursuant to Section
3.01 for the Securities of the relevant series, (ii) for any conversion of
Dollars into any Foreign Currency, buying rate for such Foreign Currency for
cable transfers quoted in New York City as certified for customs purposes by the
Federal Reserve Bank of New York and (iii) for any conversion of one Foreign
Currency into Dollars or another Foreign Currency, the spot rate at noon local
time in the relevant market at which, in accordance with normal banking
procedures, the Dollars or Foreign Currency into which conversion is being made
could be purchased with the Foreign Currency from which conversion is being made
from major banks located in New York City, Toronto, London or any other
principal market for Dollars or such purchased Foreign Currency, in each case
determined by the Exchange Rate Agent. Unless otherwise specified with respect
to any Securities pursuant to Section 3.01, in the event of the unavailability
of any of the exchange rates provided for in the foregoing clauses (i), (ii) and
(iii), the Exchange Rate Agent shall use, in its sole discretion and without
liability on its part, such quotation of the Federal Reserve Bank of New York as
of the most recent available date, or quotations from one or more major banks in
New York City, Toronto or another principal market for the Currency in question,
or such other quotations as the Exchange Rate Agent shall deem appropriate.
Unless otherwise specified by the Exchange Rate Agent, if there is more than one
market for dealing in any Currency by reason of foreign exchange regulations or
otherwise, the market to be used in respect of such Currency shall be that upon
which a non-resident issuer of securities designated in such Currency would
purchase such Currency in order to make payments in respect of such securities. </P>
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<P align=justify style="text-indent: 5%">&#147;Maturity&#148;, when used with respect to any Security, means the
date on which the principal of such Security or an installment of principal
becomes due and payable as therein or herein provided, whether at the Stated
Maturity or by declaration of acceleration, notice of redemption, notice of
option to elect repayment or otherwise. </P>
<P align=justify style="text-indent: 5%">&#147;Non-Recourse Debt&#148; means indebtedness to finance the creation,
development, construction or acquisition of assets and any increases in or
extensions, renewals or refinancings of such indebtedness, provided that the
recourse of the lender thereof (including any agent, trustee, receiver or other
Person acting on behalf of such entity) in respect of such indebtedness is
limited in all circumstances to the assets created, developed, constructed or
acquired in respect of which such indebtedness has been incurred and to the
receivables, inventory, equipment, chattels payable, contracts, intangibles and
other assets, rights or collateral connected with the assets created, developed,
constructed or acquired and to which such lender has recourse. </P>
<P align=justify style="text-indent: 5%">&#147;Notice of Default&#148; has the meaning specified in Section 6.01.
</P>
<P align=justify style="text-indent: 5%">&#147;Officers&#146; Certificate&#148; means a certificate, which shall comply
with this Indenture, signed by the the Chief Executive Officer or the Chief
Financial Officer and delivered to the Trustees. </P>
<P align=justify style="text-indent: 5%">&#147;Opinion of Counsel&#148; means a written opinion of counsel, who
may be counsel for the Company, including an employee of the Company. </P>
<P align=justify style="text-indent: 5%">&#147;Optional Reset Date&#148; has the meaning specified in Section
3.07. &#147;optional sinking fund payment&#148; has the meaning specified in Section
13.01. </P>
<P align=justify style="text-indent: 5%">&#147;Original Issue Discount Security&#148; means any Security which
provides for an amount less than the principal amount thereof to be due and
payable upon a declaration of acceleration of the Maturity thereof pursuant to
Section 6.02. </P>
<P align=justify style="text-indent: 5%">&#147;Other Currency&#148; has the meaning specified in Section 1.15.
</P>
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<P align=justify style="text-indent: 5%">&#147;Outstanding&#148;, when used with respect to Securities, means, as
of the date of determination, all Securities theretofore authenticated and
delivered under this Indenture, except: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>Securities theretofore cancelled by a Trustee or
      delivered to a Trustee for cancellation;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>Securities, or portions thereof, for whose payment or
      redemption or repayment at the option of the Holder, money in the
      necessary amount has been theretofore deposited with a Trustee or any
      Paying Agent (other than the Company) in trust or set aside and segregated
      in trust by the Company (if the Company shall act as its own Paying Agent)
      for the Holders of such Securities and any coupons appertaining thereto;
      provided that, if such Securities are to be redeemed, notice of such
      redemption has been duly given pursuant to this Indenture or provision
      therefor satisfactory to the Trustees has been made;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(iii) </TD>
    <TD>
      <P align=justify>Securities, except to the extent provided in Section
      15.02 and Section 15.03, with respect to which the Company has effected
      defeasance and/or covenant defeasance as provided in Article Fourteen;
      and</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(iv) </TD>
    <TD>
      <P align=justify>Securities which have been paid pursuant to Section 3.06
      or in exchange for or in lieu of which other Securities have been
      authenticated and delivered pursuant to this Indenture, other than any
      such Securities in respect of which there shall have been presented to the
      Trustees proof satisfactory to them that such Securities are held by a
      protected purchaser (as defined in Article 8 of the UCC) in whose hands
      such Securities are valid obligations of the
Company;</P></TD></TR></TABLE>
<P align=justify><U>provided</U>, <U>however</U>, that in determining whether
the Holders of the requisite principal amount of the Outstanding Securities have
given any request, demand, authorization, direction, notice, consent or waiver
hereunder or are present at a meeting of Holders for quorum purposes, and for
the purpose of making the calculations required by TIA Section 313, (i) the
principal amount of an Original Issue Discount Security that may be counted in
making such determination or calculation and that shall be deemed to be
Outstanding for such purpose shall be equal to the amount of principal thereof
that would be (or shall have been declared to be) due and payable, at the time
of such determination, upon a declaration of acceleration of the maturity
thereof pursuant to Section 6.02, (ii) the principal amount of any Security
denominated in a Foreign Currency that may be counted in making such
determination or calculation and that shall be deemed Outstanding for such
purpose shall be equal to the Dollar equivalent, determined as of the date such
Security is originally issued by the Company as set forth in an Exchange Rate
Officers&#146; Certificate delivered to the Trustees, of the principal amount (or, in
the case of an Original Issue Discount Security, the Dollar equivalent as of
such date of original issuance of the amount determined as provided in clause
(i) above) of such Security, (iii) the principal amount of any Indexed Security
that may be counted in making such determination or calculation and that shall
be deemed outstanding for such purpose shall be equal to the principal face
amount of such Indexed Security at original issuance, unless otherwise provided
with respect to such Security pursuant to Section 3.01, and (iv) Securities
owned by the Company or any other obligor upon the Securities or any Affiliate
of the Company or of such other obligor shall be disregarded and deemed not to
be Outstanding, except that, in determining whether the Trustees shall be protected in making such calculation or in relying upon any
such request, demand, authorization, direction, notice, consent or waiver, only
Securities which the Trustees know to be so owned shall be so disregarded.
Securities so owned which have been pledged in good faith may be regarded as
Outstanding if the pledgee establishes to the satisfaction of the Trustees the
pledgee&#146;s right so to act with respect to such Securities and that the pledgee
is not the Company or any other obligor upon the Securities or any Affiliate of
the Company or such other obligor. </P>
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<P align=justify style="text-indent: 5%">&#147;Paying Agent&#148; means any Person (including the Company acting
as Paying Agent) authorized by the Company to pay the principal of (or premium,
if any) or interest, if any, on any Securities on behalf of the Company. Such
Person, at the responsibility of the Company, must be able to make payment in
the currency of the issued Security. </P>
<P align=justify style="text-indent: 5%">&#147;Person&#148; means any individual, corporation, body corporate,
partnership, joint venture, limited liability company, association, joint-stock
company, trust, unincorporated organization or government or any agency or
political subdivision thereof. </P>
<P align=justify style="text-indent: 5%">&#147;Place of Payment&#148; means, when used with respect to the
Securities of or within any series, each place where the principal of (and
premium, if any) and interest, if any, on such Securities are payable in the
United States and Canada as specified as contemplated by Section 3.01 and
Section 11.02. </P>
<P align=justify style="text-indent: 5%">&#147;Predecessor Security&#148; of any particular Security means every
previous Security evidencing all or a portion of the same debt as that evidenced
by such particular Security; and, for the purposes of this definition, any
security authenticated and delivered under Section 3.06 in exchange for or in
lieu of a mutilated, destroyed, lost or stolen Security or a Security to which a
mutilated, destroyed, lost or stolen coupon appertains shall be deemed to
evidence the same debt as the mutilated, destroyed, lost or stolen Security or
the Security to which the mutilated, destroyed, lost or stolen coupon
appertains, as the case may be. </P>
<P align=justify style="text-indent: 5%">&#147;rate(s) of exchange&#148; has the meaning specified in Section
1.14. </P>
<P align=justify style="text-indent: 5%">&#147;Redemption Date&#148;, when used with respect to any Security to be
redeemed, in whole or in part, means the date fixed for such redemption by or
pursuant to this Indenture. </P>
<P align=justify style="text-indent: 5%">&#147;Redemption Price&#148;, when used with respect to any Security to
be redeemed, in whole or in part, means the price at which it is to be redeemed
pursuant to this Indenture, plus accrued and unpaid interest thereon to the
Redemption Date. </P>
<P align=justify style="text-indent: 5%">&#147;Registered Security&#148; means any Security registered in the
Security Register. </P>
<P align=justify style="text-indent: 5%">&#147;Regular Record Date&#148; for the interest payable on any Interest
Payment Date on the Registered Securities of or within any series means the date
specified for that purpose as contemplated by Section 3.01. </P>
<P align=justify style="text-indent: 5%">&#147;Repayment Date&#148; means, when used with respect to any Security
to be repaid at the option of the Holder, the date fixed for such repayment
pursuant to this Indenture. </P>
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<P align=justify>
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<P align=justify style="text-indent: 5%">&#147;Repayment Price&#148; means, when used with respect to any Security
to be repaid at the option of the Holder, the price at which it is to be repaid
pursuant to this Indenture. </P>
<P align=justify style="text-indent: 5%">&#147;Reset Notice&#148; has the meaning specified in Section 3.07. </P>
<P align=justify style="text-indent: 5%">&#147;Responsible Officer&#148;, when used with respect to a Trustee,
means any vice president, secretary, any assistant secretary, treasurer, any
assistant treasurer, any senior trust officer, any trust officer, the controller
within the corporate trust administration division of a Trustee or any other
officer of a Trustee customarily performing functions similar to those performed
by any of the above-designated officers, and also means, with respect to a
particular corporate trust matter, any other officer to whom such matter is
referred because of his knowledge of and familiarity with the particular
subject. </P>
<P align=justify style="text-indent: 5%">&#147;Securities&#148; has the meaning stated in the first recital of
this Indenture and more particularly means any Securities authenticated and
delivered under this Indenture; <U>provided</U>, <U>however</U>, that if at any
time there is more than one Person acting as Trustee under this Indenture,
&#147;Securities&#148; with respect to the Indenture as to which such Person is Trustee
shall have the meaning stated in the first recital of this Indenture and shall
more particularly mean Securities authenticated and delivered under this
Indenture, exclusive, however, of Securities of any series as to which such
Person is not Trustee. </P>
<P align=justify style="text-indent: 5%">&#147;Security Register&#148; and &#147;Security Registrar&#148; have the
respective meanings specified in Section 3.05. </P>
<P align=justify style="text-indent: 5%">&#147;Senior Default&#148; means (i) any default or event of default
under any instrument creating any Senior Indebtedness, or (ii) any event which
would, with giving of notice, lapse of time, or both, or subject to any other
condition subsequent to such event, constitute such a default or event of
default. </P>
<P align=justify style="text-indent: 5%">&#147;Senior Indebtedness&#148; means the principal of (and premium, if
any) and unpaid interest on (x) Indebtedness of the Company, whether outstanding
on the date hereof or thereafter created, incurred, assumed or guaranteed, for
money borrowed other than (a) any Indebtedness of the Company which when
incurred, and without respect to any election under Section 1111(b) of the U.S.
Federal Bankruptcy Code (Title 11 of the United States Code), was without
recourse to the Company, (b) any Indebtedness of the Company to any of its
Subsidiaries, (c) Indebtedness to any employee of the Company, (d) any liability
for taxes, (e) accounts payable or any other Indebtedness or monetary
obligations to trade creditors created or assumed by the Company or any
Subsidiary ofthe Company in the ordinary course of business (including
guarantees thereof or instrumentsevidencing such liabilities) and (f) any
Indebtedness of the Company which is expressly subordinate in right of payment
to any other Indebtedness of the Company, and (y) renewals, extensions,
modifications and refundings of any such Indebtedness. For purposes of the
foregoing and the definition of &#147;Senior Indebtedness,&#148; the phrase &#147;subordinated
in right of payment&#148; means debt subordination only and not lien subordination,
and accordingly, (i) unsecured indebtedness shall not be deemed to be
subordinated in right of payment to secured indebtedness merely by virtue of the
fact that it is unsecured, and (ii) junior liens, second liens and other
contractual arrangements that provide for priorities among Holders of the same
or different issues of indebtedness with respect to any collateral or the
proceeds of collateral shall not constitute subordination in right of payment. This
definition may be modified or superseded by a supplemental indenture. </P>
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<P align=justify style="text-indent: 5%">&#147;Shareholders&#146; Equity&#148; means the aggregate amount of
shareholders&#146; equity of the Company as shown on the most recent audited annual
consolidated balance sheet of the Company and computed in accordance with GAAP.
</P>
<P align=justify style="text-indent: 5%">&#147;Special Record Date&#148; for the payment of any Defaulted Interest
on the Registered Securities of or within any series means a date fixed by the
Trustees pursuant to Section 3.07. </P>
<P align=justify style="text-indent: 5%">&#147;Specified Amount&#148; has the meaning specified in Section 3.11(h)
.. </P>
<P align=justify style="text-indent: 5%">&#147;Stated Maturity&#148;, when used with respect to any Security or
any installment of principal thereof or interest thereon, means the date
specified in such Security or a coupon representing such installment of interest
as the fixed date on which the principal of such Security or such installment of
principal or interest is due and payable, as such date may be extended pursuant
to the provisions of Section 3.08. </P>
<P align=justify style="text-indent: 5%">&#147;Subsequent Interest Period&#148; has the meaning specified in
Section 3.07. </P>
<P align=justify style="text-indent: 5%">&#147;Subsidiary&#148; means, any corporation of which at the time of
determination the Company, directly and/or indirectly through one or more
Subsidiaries, owns more than 50% of the shares of Voting Stock or partnership,
joint venture, limited liability company, association, company or business trust
interests. </P>
<P align=justify style="text-indent: 5%">&#147;Trust Indenture Act&#148; or &#147;TIA&#148; means the United States <I>Trust
Indenture Act of 1939</I>, as amended, as in force at the date as of which this
Indenture was executed, except as provided in Section 10.05. </P>
<P align=justify style="text-indent: 5%">&#147;Trust Indenture Legislation&#148; means, at any time, the
provisions of (i) the OBCA and the regulations thereunder as amended or
re-enacted from time to time, but only to the extent applicable, (ii) the
provisions of any other applicable statute of Canada or any province or
territory thereof and the regulations thereunder as amended or re-enacted from
time to time, but only to the extent applicable, or (iii) the Trust Indenture
Act and regulations thereunder, in each case, relating to trust indentures and
to the rights, duties and obligations of trustees under trust indentures and of
corporations issuing debt obligations under trust indentures, to the extent that
such provisions are at such time in force and applicable to this Indenture or
the Company or the Trustees.<B> </B></P>
<P align=justify style="text-indent: 5%">&#147;Trustee&#148; or &#147;Trustees&#148; means the U.S. Trustee and the Canadian
Trustee. If a Canadian Trustee is not appointed under this Indenture, or resigns
or is removed and, pursuant to Section 6.09, the Company shall, if required by
applicable law, appoint a successor Trustee to the Canadian Trustee. Except to
the extent otherwise indicated, &#147;Trustees&#148; shall refer to the Canadian Trustee
and the U.S. Trustee, both jointly and individually. </P>
<P align=justify style="text-indent: 5%">&#147;UCC&#148; means the New York uniform commercial code in effect from
time to time. </P>
<P align=center>- 12 - </P>
<P align=justify>
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<P align=justify style="text-indent: 5%">&#147;U.S. Federal Bankruptcy Code&#148; means the <I>Bankruptcy Act of
Title 11 of the United States Code</I>, as amended from time to time. </P>
<P align=justify style="text-indent: 5%">&#147;U.S. Trustee&#148; means the Person named as the &#147;U.S. Trustee&#148; in
the first paragraph of this Indenture until a successor U.S. Trustee shall have
become such pursuant to the applicable provisions of this Indenture, and
thereafter &#147;U.S. Trustee&#148; shall mean or include each Person who is then a U.S.
Trustee hereunder; <U>provided</U>, <U>however</U>, that if at any time there is
more than one such Person, &#147;U.S. Trustee&#148; as used with respect to the Securities
of any series shall mean only the U.S. Trustee with respect to Securities of
that series. </P>
<P align=justify style="text-indent: 5%">&#147;United States&#148; means, unless otherwise specified with respect
to any Securities pursuant to Section 3.01, the United States of America
(including the states and the District of Columbia), its territories, its
possessions and other areas subject to its jurisdiction. </P>
<P align=justify style="text-indent: 5%">&#147;United States person&#148; means, unless otherwise specified with
respect to any Securities pursuant to Section 3.01, an individual who is a
citizen or resident of the United States, a corporation, partnership or other
entity created or organized in or under the laws of the United States, an estate
the income of which is subject to United States federal income taxation
regardless of its source, or a trust if (A) it is subject to the primary
supervision of a court within the United States and one or more United States
persons have the authority to control all substantial decisions of the trust or
(B) it has a valid election in effect under applicable Treasury Regulations to
be treated as a United States person. </P>
<P align=justify style="text-indent: 5%">&#147;Valuation Date&#148; has the meaning specified in Section 3.11(c) .
</P>
<P align=justify style="text-indent: 5%">&#147;Vice President&#148;, when used with respect to the Trustees, means
any vice president, whether or not designated by a number or a word or words
added before or after the title &#147;vice president&#148;. </P>
<P align=justify style="text-indent: 5%">&#147;Voting Stock&#148; means with respect to any Person, securities of
any class or classes of Capital Stock in such Person entitling the holder
thereof (whether at all times or at the time that such class of Capital Stock
has voting power by reason of the happening of any contingency) to vote in the
election of members of the board of directors or comparable body of such Person.
</P>
<P align=justify style="text-indent: 5%">&#147;Writing&#148; has the meaning specified in Section 7.13. </P>
<P align=justify style="text-indent: 5%">&#147;Yield to Maturity&#148; means the yield to maturity, computed at
the time of issuance of a Security (or, if applicable, at the most recent
redetermination of interest on such Security) and as set forth in such Security
in accordance with generally accepted United States bond yield computation
principles. </P>
<TABLE
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cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left ><B>Section 1.02</B> </TD>
    <TD align=left width="85%"><B>Compliance Certificates and Opinions</B>
  </TD></TR></TABLE>
<P align=justify style="text-indent: 5%">Upon any application or request by the Company to the Trustees
to take any action under any provision of this Indenture, the Company shall
furnish to the Trustees, to the extent required by the Trust Indenture Act, an
Officers&#146; Certificate stating that all conditions precedent, if any, provided
for in this Indenture (including any covenant compliance with which constitutes
a condition precedent) relating to the proposed action have been complied with
and, if requested by the Trustee, an Opinion of Counsel stating that in the
opinion of such counsel all such conditions precedent, if any, have been
complied with, except that in the case of any such application or request as to
which the furnishing of such documents is specifically required by any provision
of this Indenture relating to such particular application or request, no
additional certificate or opinion need be furnished. </P>
<P align=center>- 13 - </P>
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<P align=justify style="text-indent: 5%">Every certificate or opinion with respect to compliance with a
covenant or condition provided for in this Indenture (other than pursuant to
Section 11.04) shall include: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(1) </TD>
    <TD>
      <P align=justify>a statement that each individual signing such certificate
      or opinion has read such covenant or condition and the definitions herein
      relating thereto;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=top width="5%">(2) </TD>
    <TD>
      <P align=justify>a statement that, in the opinion of each such individual,
      he has made such examination or investigation as is necessary to enable
      him to express an informed opinion as to whether or not such covenant or
      condition has been complied with; and</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=top width="5%">(3) </TD>
    <TD>
      <P align=justify>a statement as to whether, in the opinion of each such
      individual, such covenant or condition has been complied
  with.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left ><B>Section 1.03</B> </TD>
    <TD align=left width="85%"><B>Form of Documents Delivered to Trustees</B>
    </TD></TR></TABLE>
<P align=justify style="text-indent: 5%">In any case where several matters are required to be certified
by, or covered by an opinion of, any specified Person, it is not necessary that
all such matters be certified by, or covered by the opinion of, only one such
Person, or that they be so certified or covered by only one document, but one
such Person may certify or give an opinion with respect to some matters and one
or more other such Persons may certify or give an opinion as to other matters,
and any such Person may certify or give an opinion as to such matters in one or
several documents. </P>
<P align=justify style="text-indent: 5%">Any certificate or opinion of an officer of the Company may be
based, insofar as it relates to legal matters, upon an Opinion of Counsel, a
certificate of, or representations by, counsel, unless such officer knows, or in
the exercise of reasonable care should know, that the certificate or opinion or
representations with respect to the matters upon which his certificate or
opinion is based are erroneous. Any such certificate or Opinion of Counsel may
be based, insofar as it relates to factual matters, upon a certificate or
opinion of, or representations by, an officer or officers of the Company stating
that the information with respect to such factual matters is in the possession
of the Company, unless such counsel knows, or in the exercise of reasonable care
should know, that the certificate or opinion or representations with respect to
such matters are erroneous.</P>
<P align=justify style="text-indent: 5%">Any certificate or opinion of an officer of the Company or of
counsel may be based, insofar as it relates to accounting matters, upon a
certificate or opinion of, or representations by, an accountant or firm of
accountants in the employ of the Company, unless such officer or counsel, as the
case may be, knows, or in the exercise of reasonable care should know, that the
certificate or opinion or representations with respect to the accounting matters
upon which such certificate or opinion may be based are erroneous. Any
certificate or opinion of any independent firm of public accountants filed with
the Trustees shall contain a statement that such firm is independent. </P>
<P align=center>- 14 - </P>
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<P align=justify style="text-indent: 5%">Where any Person is required to make, give or execute two or
more applications, requests, consents, certificates, statements, opinions or
other instruments under this Indenture, they may, but need not, be consolidated
and form one instrument. </P>
<TABLE
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cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left ><B>Section 1.04</B> </TD>
    <TD align=left width="85%"><B>Acts of Holders</B> </TD></TR></TABLE>
<P align=justify style="text-indent: 5%">(a) Any request, demand, authorization, direction, notice,
consent, waiver or other action provided by this Indenture to be given or taken
by Holders of the Outstanding Securities of all series or one or more series, as
the case may be, may be embodied in and evidenced by one or more instruments of
substantially similar tenor signed by such Holders in person or by agents duly
appointed in writing. If Securities of a series are issuable as Bearer
Securities, any request, demand, authorization, direction, notice, consent,
waiver or other action provided by this Indenture to be given or taken by
Holders of such series may, alternatively, be embodied in and evidenced by the
record of Holders of Securities of such series voting in favor thereof, either
in person or by proxies duly appointed in writing, at any meeting of Holders of
Securities of such series duly called and held in accordance with the provisions
of Article Sixteen, or a combination of such instruments and any such record.
Except as herein otherwise expressly provided, such action shall become
effective when such instrument or instruments or record or both are delivered to
the Trustees and, where it is hereby expressly required, to the Company. Such
instrument or instruments and any such record (and the action embodied therein
and evidenced thereby) are herein sometimes referred to as the &#147;Act&#148; of the
Holders signing such instrument or instruments or so voting at any such meeting.
Proof of execution of any such instrument or of a writing appointing any such
agent, or of the holding by any Person of a Security, shall be sufficient for
any purpose of this Indenture and conclusive in favor of the Trustees and the
Company, if made in the manner provided in this Section. The record of any
meeting of Holders of Securities shall be proved in the manner provided in
Section 16.06. </P>
<P align=justify style="text-indent: 5%">(b) The fact and date of the execution by any Person of any
such instrument or writing may be proved by the affidavit of a witness of such
execution or by a certificate of a notary public or other officer authorized by
law to take acknowledgments of deeds, certifying that the individual signing
such instrument or writing acknowledged to him the execution thereof. Where such
execution is by a signer acting in a capacity other than his individual
capacity, such certificate or affidavit shall also constitute sufficient proof
of authority. The fact and date of the execution of any such instrument or
writing, or the authority of the Person executing the same, may also be proved
in any other manner which the Trustees deem sufficient. </P>
<P align=justify style="text-indent: 5%">(c) The principal amount and serial numbers of Registered
Securities held by any Person, and the date of holding the same, shall be proved
by the Security Register. </P>
<P align=justify style="text-indent: 5%">(d) The principal amount and serial numbers of Bearer
Securities held by any Person, and the date of holding the same, may be proved
by the production of such Bearer Securities or by a certificate executed, as
depositary, by any trust company, bank, banker or other depositary, wherever
situated, if such certificate shall be deemed by the Trustees to be
satisfactory, showing that at the date therein mentioned such Person had on
deposit with such depositary, or exhibited to it, the Bearer Securities therein
described; or such facts may be proved by the certificate or affidavit of the
Person holding such Bearer Securities, if such certificate or affidavit is
deemed by the Trustees to be satisfactory. The Trustees and the Company may
assume that such ownership of any Bearer Security continues until (1) another
certificate or affidavit bearing a later date issued in respect of the same
Bearer Security is produced, or (2) such Bearer Security is produced to the
Trustees by some other Person, or (3) such Bearer Security is surrendered in
exchange for a Registered Security, or (4) such Bearer Security is no longer
Outstanding. The principal amount and serial numbers of Bearer Securities held
by any Person, and the date of holding the same, may also be proved in any other
manner that the Trustees deem sufficient. </P>
<P align=center>- 15 - </P>
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<P align=justify style="text-indent: 5%">(e) If the Company shall solicit from the Holders of Registered
Securities any request, demand, authorization, direction, notice, consent,
waiver or other Act, the Company may, at its option, by or pursuant to a Board
Resolution, fix in advance a record date for the determination of Holders
entitled to give such request, demand, authorization, direction, notice,
consent, waiver or other Act, but the Company shall have no obligation to do so.
Notwithstanding Trust Indenture Legislation, including TIA Section 316(c), such
record date shall be the record date specified in or pursuant to such Board
Resolution, which shall be a date not earlier than the date 30 days prior to the
first solicitation of Holders generally in connection therewith and not later
than the date such solicitation is completed. If such a record date is fixed,
such request, demand, authorization, direction, notice, consent, waiver or other
Act may be given before or after such record date, but only the Holders of
record at the close of business on such record date shall be deemed to be
Holders for the purposes of determining whether Holders of the requisite
proportion of Outstanding Securities have authorized or agreed or consented to
such request, demand, authorization, direction, notice, consent, waiver or other
Act, and for that purpose the Outstanding Securities shall be computed as of
such record date; provided that no such authorization, agreement or consent by
the Holders on such record date shall be deemed effective unless it shall become
effective pursuant to the provisions of this Indenture not later than eleven
months after the record date. </P>
<P align=justify style="text-indent: 5%">(f) Any request, demand, authorization, direction, notice,
consent, waiver or other Act of the Holder of any Security shall bind every
future Holder of the same Security and the Holder of every Security issued upon
the registration of transfer thereof or in exchange therefor or in lieu thereof
in respect of anything done, omitted or suffered to be done by the Trustees or
the Company in reliance thereon, whether or not notation of such action is made
upon such Security. </P>
<TABLE
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cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left ><B>Section 1.05</B> </TD>
    <TD align=left width="85%"><B>Notices, etc. to Trustees and Company</B>
  </TD></TR></TABLE>
<P align=justify style="text-indent: 5%">Any request, demand, authorization, direction, notice, consent,
waiver or Act of Holders or other documents provided or permitted by this
Indenture to be made upon, given or furnished to, or filed with, </P>
<TABLE
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cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">&nbsp;</TD>
    <TD vAlign=top width="5%">(1) </TD>
    <TD>
      <P align=justify>the U.S. Trustee, by the Canadian Trustee, any Holder or
      by the Company shall be sufficient for every purpose hereunder if made,
      given, furnished or filed in writing to or with the U.S. Trustee at its
      Corporate Trust Office, Attention: [_______________], or</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">&nbsp;</TD>
    <TD vAlign=top width="5%">(2) </TD>
    <TD>
      <P align=justify>the Canadian Trustee, by the U.S. Trustee, any Holder or
      by the Company shall be sufficient for every purpose hereunder if made,
      given, furnished or filed in writing to or with the Canadian Trustee at its Corporate Trust Office,
Attention: [_______________], or </P></TD></TR></TABLE>
<P align=center>- 16 - </P>
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<TABLE
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cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">&nbsp;</TD>
    <TD>
      &nbsp;</TD></TR>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(3) </TD>
    <TD>
      <P align=justify>the Company, by either Trustee or any Holder shall be
      sufficient for every purpose hereunder (unless otherwise herein expressly
      provided) if in writing and faxed or mailed, first-class postage prepaid
      or personally delivered, to the Company, Attention:
      [_______________]or such other officer or facsimile number as the
      Company may designate on written notice to the Trustees, addressed to it
      at the address of its principal office specified in the first paragraph of
      this Indenture or at any other address previously furnished in writing to
      the Trustees by the Company.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left ><B>Section 1.06</B> </TD>
    <TD align=left width="85%"><B>Notice to Holders; Waiver</B>
</TD></TR></TABLE>
<P align=justify style="text-indent: 5%">Where this Indenture provides for notice of any event to
Holders of Registered Securities by the Company or the Trustees, such notice
shall be sufficiently given (unless otherwise herein expressly provided) if in
writing and mailed, first-class postage prepaid, to each such Holder affected by
such event, at his address as it appears in the Security Register, not later
than the latest date, and not earlier than the earliest date, prescribed for the
giving of such notice. In any case where notice to Holders of Registered
Securities is given by mail, neither the failure to mail such notice, nor any
defect in any notice so mailed, to any particular Holder shall affect the
sufficiency of such notice with respect to other Holders of Registered
Securities or the sufficiency of any notice to Holders of Bearer Securities
given as provided. Any notice mailed to a Holder in the manner herein prescribed
shall be conclusively deemed to have been received by such Holder, whether or
not such Holder actually receives such notice. </P>
<P align=justify style="text-indent: 5%">In case, by reason of the suspension of or irregularities in
regular mail service or by reason of any other cause, it shall be impractical to
mail notice of any event to Holders of Registered Securities when such notice is
required to be given pursuant to any provision of this Indenture, then any
manner of giving such notice as shall be satisfactory to the Trustees shall be
deemed to be sufficient giving of such notice for every purpose hereunder. </P>
<P align=justify style="text-indent: 5%">Except as otherwise expressly provided herein or otherwise
specified with respect to any Securities pursuant to Section 3.01, where this
Indenture provides for notice to Holders of Bearer Securities of any event, such
notice shall be sufficiently given to Holders of Bearer Securities if published
in an Authorized Newspaper in The City of New York and in such other city or
cities as may be specified in such Securities on a Business Day at least twice,
the first such publication to be not earlier than the earliest date, and not
later than the latest date, prescribed for the giving of such notice. Any such
notice shall be deemed to have been given on the date of the first such
publication. </P>
<P align=justify style="text-indent: 5%">In case, by reason of the suspension of publication of any
Authorized Newspaper or Authorized Newspapers or by reason of any other cause,
it shall be impracticable to publish any notice to Holders of Bearer Securities
as provided above, then such notification to Holders of Bearer Securities as
shall be given with the approval of the Trustees shall constitute sufficient
notice to such Holders for every purpose hereunder. Neither the failure to give
notice by publication to Holders of Bearer Securities as provided above, nor any
defect in any notice so published, shall affect the sufficiency of such notice with
respect to other Holders of Bearer Securities or the sufficiency of any notice
to Holders of Registered Securities given as provided herein. </P>
<P align=center>- 17 - </P>
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<P align=justify style="text-indent: 5%">Any request, demand, authorization, direction, notice, consent
or waiver required or permitted under this Indenture shall be in the English
language, except that any published notice may be in an official language of the
country of publication. </P>
<P align=justify style="text-indent: 5%">Where this Indenture provides for notice in any manner, such
notice may be waived in writing by the Person entitled to receive such notice,
either before or after the event, and such waiver shall be the equivalent of
such notice. Waivers of notice by Holders shall be filed with the Trustees, but
such filing shall not be a condition precedent to the validity of any action
taken in reliance upon such waiver. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left ><B>Section 1.07</B> </TD>
    <TD align=left width="85%"><B>Effect of Headings and Table of Contents</B>
    </TD></TR></TABLE>
<P align=justify style="text-indent: 5%">The Article and Section headings herein and the Table of
Contents are for convenience only and shall not affect the construction hereof.
</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left ><B>Section 1.08</B> </TD>
    <TD align=left width="85%"><B>Successors and Assigns</B>
</TD></TR></TABLE>
<P align=justify style="text-indent: 5%">All covenants and agreements in this Indenture by the Company
and the Trustees shall bind their successors and assigns, whether so expressed
or not. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left ><B>Section 1.09</B> </TD>
    <TD align=left width="85%"><B>Severability Clause</B> </TD></TR></TABLE>
<P align=justify style="text-indent: 5%">In case any provision in this Indenture or in any Security or
coupon shall be invalid, illegal or unenforceable, the validity, legality and
enforceability of the remaining provisions shall not in any way be affected or
impaired thereby. </P>
<TABLE
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cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left ><B>Section 1.10</B> </TD>
    <TD align=left width="85%"><B>Benefits of Indenture</B>
</TD></TR></TABLE>
<P align=justify style="text-indent: 5%">Nothing in this Indenture or in the Securities or coupons,
express or implied, shall give to any Person, other than the parties hereto, any
Authenticating Agent, any Paying Agent, any Securities Registrar and their
successors hereunder and the Holders of Securities or coupons, any benefit or
any legal or equitable right, remedy or claim under this Indenture. Subject to
Section 1.16, at all times in relation to this Indenture and any action to be
taken hereunder, the Company and the Trustees each shall observe and comply with
Trust Indenture Legislation and the Company, the Trustees and each Holder of a
Security shall be entitled to the benefits of Trust Indenture Legislation. </P>
<TABLE
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cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left ><B>Section 1.11</B> </TD>
    <TD align=left width="85%"><B>Governing Law</B> </TD></TR></TABLE>
<P align=justify style="text-indent: 5%">This Indenture and the Securities and coupons shall be governed
by and construed in accordance with the law of the State of New York, but
without giving effect to applicable principles of conflicts of law to the extent
that the application of the law of another jurisdiction would be required
thereby. Each Trustee and the Company agrees to comply with all provisions of
Trust Indenture Legislation applicable to or binding upon it in connection with
this Indenture and any action to be taken hereunder. This Indenture is subject
to the provisions of the Trust Indenture Act that are required to be part of
this Indenture and shall, to the extent applicable, be governed by such
provisions. Notwithstanding the preceding sentence, the exercise, performance or
discharge by the Canadian Trustee of any of its rights, powers, duties or
responsibilities hereunder shall be construed in accordance with the laws of the
Province of Ontario and the federal laws of Canada applicable thereto. </P>
<P align=center>- 18 - </P>
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<TABLE
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  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="85%">&nbsp;</TD></TR>

  <TR vAlign=top>
    <TD align=left ><B>Section 1.12</B> </TD>
    <TD align=left width="85%"><B>Legal Holidays</B> </TD></TR></TABLE>
<P align=justify style="text-indent: 5%">In any case where any Interest Payment Date, Redemption Date,
sinking fund payment date or Stated Maturity or Maturity of any Security shall
not be a Business Day at any Place of Payment or other location contemplated
hereunder, then (notwithstanding any other provision of this Indenture or of any
Security or coupon other than a provision in the Securities of any series which
specifically states that such provision shall apply in lieu of this Section),
payment of principal (or premium, if any) or interest, if any, need not be made
at such Place of Payment or other location contemplated hereunder on such date,
but may be made on the next succeeding Business Day at such Place of Payment or
other location contemplated hereunder with the same force and effect as if made
on the Interest Payment Date or Redemption Date or sinking fund payment date, or
at the Stated Maturity or Maturity; provided that no interest shall accrue for
the period from and after such Interest Payment Date, Redemption Date, sinking
fund payment date, Stated Maturity or Maturity, as the case may be. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left ><B>Section 1.13</B> </TD>
    <TD align=left width="85%"><B>Agent for Service; Submission to
      Jurisdiction; Waiver of Immunities</B> </TD></TR></TABLE>
<P align=justify style="text-indent: 5%">By the execution and delivery of this Indenture, the Company
(i) acknowledges that it has irrevocably designated and appointed
[_______________], as its authorized agent upon which process may be served in
any suit or proceeding arising out of or relating to the Securities or this
Indenture that may be instituted in any federal or New York State court located
in The Borough of Manhattan, The City of New York, or brought by the Trustees
(whether in their individual capacity or in their capacity as Trustees
hereunder), (ii) submits to the non-exclusive jurisdiction of any such court in
any such suit or proceeding, and (iii) agrees that service of process upon
[_______________] and written notice of said service to the Company (mailed or
delivered to the Company, attention: [_______________], as specified in Section
1.05 hereof), shall be deemed in every respect effective service of process upon
the Company in any such suit or proceeding. The Company further agrees to take
any and all action, including the execution and filing of any and all such
documents and instruments, as may be necessary to continue such designation and
appointment of [___________________] in full force and effect so long as this
Indenture shall be in full force and effect. </P>
<P align=justify style="text-indent: 5%">To the extent that the Company has or hereafter may acquire any
immunity from jurisdiction of any court or from any legal process (whether
through service of notice, attachment prior to judgment, attachment in aid of
execution, execution or otherwise) with respect to itself or its property, the
Company hereby irrevocably waives such immunity in respect of its obligations
under this Indenture and the Securities, to the extent permitted by law. </P>
<P align=center>- 19 - </P>
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<P align=justify style="text-indent: 5%">The Company irrevocably and unconditionally waives, to the
fullest extent permitted by law, any objection that it may now or hereafter have
to the laying of venue of any such action, suit or proceeding arising out of or
relating to this Indenture or the Securities in any federal or state court in
the State of New York, The Borough of Manhattan. Each of the parties hereto
hereby irrevocably waives, to the fullest extent permitted by law, the defense
of an inconvenient forum to the maintenance of such action or proceeding in any
such court. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left ><B>Section 1.14</B> </TD>
    <TD align=left width="85%"><B>Conversion of Currency</B>
</TD></TR></TABLE>
<P align=justify style="text-indent: 5%">(a) The Company covenants and agrees that the following
provisions shall apply to conversion of currency in the case of the Securities
and this Indenture: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="10%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>If for the purposes of obtaining judgment in, or
      enforcing the judgment of, any court in any country, it becomes necessary
      to convert into a currency (the &#147;Judgment Currency&#148;) an amount due or
      contingently due in any other currency under the Securities of any series
      and this Indenture (the &#147;Base Currency&#148;), then the conversion shall be
      made at the rate of exchange prevailing on the Business Day before the day
      on which a final judgment is given or the order of enforcement is made, as
      the case may be (unless a court shall otherwise determine).</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>If there is a change in the rate of exchange prevailing
      between the Business Day before the day on which the judgment referred to
      in (i) above is given or an order of enforcement is made, as the case may
      be (or such other date as a court shall determine), and the date of
      receipt of the amount due, the Company shall pay such additional (or, as
      the case may be, such lesser) amount, if any, as may be necessary so that
      the amount paid in the Judgment Currency when converted at the rate of
      exchange prevailing on the date of receipt will produce the amount in the
      Base Currency originally due.</P></TD></TR></TABLE>
<P align=justify style="text-indent: 5%">(b) In the event of the winding-up of the Company at any time
while any amount or damages owing under the Securities and this Indenture, or
any judgment or order rendered in respect thereof, shall remain outstanding, the
Company shall indemnify and hold the Holders and the Trustees harmless against
any deficiency arising or resulting from any variation in rates of exchange
between (1) the date as of which the equivalent of the amount in the Base
Currency due or contingently due under the Securities and this Indenture (other
than under this Subsection (b)) is calculated for the purposes of such
winding-up, and (2) the final date for the filing of proofs of claim in such
winding-up. For the purpose of this Subsection (b) the final date for the filing
of proofs of claim in the winding-up of the Company shall be the date fixed by
the liquidator or otherwise in accordance with the relevant provisions of
applicable law as being the latest practicable date as at which liabilities of
the Company may be ascertained for such winding-up prior to payment by the
liquidator or otherwise in respect thereto. </P>
<P align=center>- 20 - </P>
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<P align=justify style="text-indent: 5%">(c) The obligations contained in Subsections (a)(ii) and (b) of
this Section shall constitute separate and independent obligations of the
Company from its other obligations under the Securities and this Indenture,
shall give rise to separate and independent causes of action against the
Company, shall apply irrespective of any waiver or extension granted by any
Holder or the Trustees or either of them from time to time and shall continue in
full force and effect notwithstanding any judgment or order or the filing of any
proof of claim in the winding-up of the Company for a liquidated sum in respect
of amounts due hereunder (other than under Subsection (b) above) or under any
such judgment or order. Any such deficiency as aforesaid shall be deemed to
constitute a loss suffered by the Holders or the Trustees, as the case may be,
and no proof or evidence of any actual loss shall be required by the Company or
its liquidator. In the case of Subsection (b) above, the amount of such
deficiency shall not be deemed to be increased or reduced by any variation in
rates of exchange occurring between the said final date and the date of any
liquidating distribution. </P>
<P align=justify style="text-indent: 5%">The term &#147;rate(s) of exchange&#148; shall mean the rate of exchange
quoted by a Canadian chartered bank as may be designated in writing by the
Company to the Trustees from time to time, at its central foreign exchange desk
in its main office in Toronto at 12:00 noon (Toronto time) on the relevant date
for purchases of the Base Currency with the Judgment Currency and includes any
premiums and costs of exchange payable. The Trustees shall have no duty or
liability with respect to monitoring or enforcing this Section. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left ><B>Section 1.15</B> </TD>
    <TD align=left width="85%"><B>Currency Equivalent</B> </TD></TR></TABLE>
<P align=justify style="text-indent: 5%">Except as otherwise provided in this Indenture, for purposes of
the construction of the terms of this Indenture or of the Securities, in the
event that any amount is stated herein in the Currency of one nation (the &#147;First
Currency&#148;), as of any date such amount shall also be deemed to represent the
amount in the Currency of any other relevant nation (the &#147;Other Currency&#148;) which
is required to purchase such amount in the First Currency at the Bank of Canada
noon rate as reported by Telerate on screen 3194 (or such other means of
reporting the Bank of Canada noon rate as may be agreed upon by each of the
parties to this Indenture) on the date of determination. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left ><B>Section 1.16</B> </TD>
    <TD align=left width="85%"><B>Conflict with Trust Indenture
      Legislation</B> </TD></TR></TABLE>
<P align=justify style="text-indent: 5%">If and to the extent that any provision of this Indenture
limits, qualifies or conflicts with any mandatory requirement of Trust Indenture
Legislation, such mandatory requirement shall control. If and to the extent that
any provision hereof limits, qualifies or conflicts with the duties imposed by
any of Sections 310 to 318, inclusive, of the Trust Indenture Act, through
operation of Section 318(c) thereof, such duties shall control. </P>
<P align=center>- 21 - </P>
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<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left ><B>Section 1.17</B> </TD>
    <TD align=left width="85%"><B>Incorporators, Shareholders, Officers and
      Directors of the Company</B> <B>Exempt from Individual Liability</B>
  </TD></TR></TABLE>
<P align=justify style="text-indent: 5%">No recourse under or upon any obligation, covenant or agreement
contained in this Indenture, or in any Security, or because of any indebtedness
evidenced thereby, shall be had against any incorporator, as such, or against
any past, present or future shareholder, officer or director, as such, of the
Company or of any successor, either directly or through the Company or any
successor, under any rule of law, statute or constitutional provision or by the
enforcement of any assessment or by any legal or equitable proceeding or
otherwise, all such liability being expressly waived and released by the
acceptance of the Securities by the Holders and as part of the consideration for
the issue of the Securities. </P>
<P align=center>ARTICLE TWO <BR>SECURITIES FORMS </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left ><B>Section 2.01</B> </TD>
    <TD align=left width="85%"><B>Forms Generally</B> </TD></TR></TABLE>
<P align=justify style="text-indent: 5%">The Registered Securities, if any, of each series and the
Bearer Securities, if any, of each series and related coupons shall be in
substantially the forms as shall be established by or pursuant to a Board
Resolution or in one or more indentures supplemental hereto, in each case with
such appropriate insertions, omissions, substitutions and other variations as
are required or permitted by this Indenture, and may have such letters, numbers
or other marks of identification and such legends or endorsements placed thereon
as may be required to comply with the rules of any securities exchange or as
may, consistently herewith, be determined by the officers executing such
Securities or coupons, as evidenced by their execution of the Securities or
coupons. If the forms of Securities or coupons of any series are established by
action taken pursuant to a Board Resolution, a copy of an appropriate record of
such action shall be certified by the Corporate Secretary or the Chief Financial
Officer of the Company and delivered to the Trustees at or prior to the delivery
of the Company Order contemplated by Section 3.03 for the authentication and
delivery of such Securities or coupons. Any portion of the text of any Security
may be set forth on the reverse thereof, with an appropriate reference thereto
on the face of the Security. </P>
<P align=justify style="text-indent: 5%">Unless otherwise specified as contemplated by Section 3.01,
Bearer Securities shall have interest coupons attached. </P>
<P align=justify style="text-indent: 5%">Either Trustee&#146;s certificate of authentication on all
Securities shall be in substantially the form set forth in this Article. </P>
<P align=justify style="text-indent: 5%">The definitive Securities and coupons shall be printed,
lithographed or engraved on steel-engraved borders or may be produced in any
other manner, all as determined by the officers of the Company executing such
Securities, as evidenced by their execution of such Securities or coupons. </P>
<P align=center>- 22 - </P>
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<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left ><B>Section 2.02</B> </TD>
    <TD align=left width="85%"><B>Form of Trustee&#146;s Certificate of
      Authentication</B> </TD></TR></TABLE>
<P align=justify style="text-indent: 5%">Subject to Section 7.12, either Trustee&#146;s certificate of
authentication shall be in substantially the following form: </P>
<P align=center>TRUSTEE&#146;S CERTIFICATE OF AUTHENTICATION </P>
<P align=center>(Certificate of Authentication may be executed by either
Trustee) </P>
<P align=justify>Dated: ____________<BR></P>
<P align=justify style="text-indent: 5%">[_______________], as U.S. Trustee, certifies that this is one
of the Securities of the series designated therein referred to in the
within-mentioned Indenture. </P>
<P style="MARGIN-LEFT: 50%" align=justify>[_______________], <BR>as U.S. Trustee
</P>
<P style="MARGIN-LEFT: 50%" align=justify>By:
___________________________<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Authorized Officer </P>
<P align=justify>Dated: ____________</P>
<P align=justify style="text-indent: 5%">[_______________], as Canadian Trustee, certifies that this is
one of the Securities of the series designated therein referred to in the
within-mentioned Indenture. </P>
<P style="MARGIN-LEFT: 50%" align=justify>[___________________], as Canadian
Trustee </P>
<P style="MARGIN-LEFT: 50%" align=justify>By:
___________________________<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Authorized Officer </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left ><B>Section 2.03</B> </TD>
    <TD align=left width="85%"><B>Securities Issuable in Global Form</B>
  </TD></TR></TABLE>
<P align=justify style="text-indent: 5%">If Securities of or within a series are issuable in global
form, as specified and contemplated by Section 3.01, then, notwithstanding
clause (10) of Section 3.01, any such Security shall represent such of the
Outstanding Securities of such series as shall be specified therein and may
provide that it shall represent the aggregate amount of Outstanding Securities
of such series from time to time endorsed thereon and that the aggregate amount
of Outstanding Securities of such series represented thereby may from time to
time be increased or decreased to reflect exchanges. Any endorsement of a
Security in global form to reflect the amount, or any increase or decrease in
the amount, of Outstanding Securities represented thereby shall be made by the
Trustees in such manner and upon instructions given by such Person or Persons as
shall be specified therein or in the Company Order to be delivered to the
Trustees pursuant to Section 3.03 or Section 3.04. Subject to the provisions of
Section 3.03 and, if applicable, Section 3.04, the Trustees shall deliver and
redeliver any Security in permanent global form in the manner and upon
instructions given by the Person or Persons specified therein or in the
applicable Company Order. If a Company Order pursuant to Section 3.03 or Section
3.04 has been, or simultaneously is, delivered, any instructions by the Company
with respect to endorsement or delivery or redelivery of a Security in global form shall be in writing but
need not comply with Section 1.02 and need not be accompanied by an Opinion of
Counsel. </P>
<P align=center>- 23 - </P>
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<P align=justify style="text-indent: 5%">The provisions of the last sentence of Section 3.03 shall apply
to any Security represented by a Security in global form if such Security was
never issued and sold by the Company and the Company delivers to the Trustees
the Security in global form together with written instructions (which need not
comply with Section 1.02 and need not be accompanied by an Opinion of Counsel)
with regard to the reduction in the principal amount of Securities represented
thereby, together with the written statement contemplated by the last sentence
of Section 3.03. </P>
<P align=justify style="text-indent: 5%">Notwithstanding the provisions of Section 3.07, unless
otherwise specified as contemplated by Section 3.01, payment of principal of
(and premium, if any) and interest, if any, on any Security in permanent global
form shall be made to the Person or Persons specified therein. </P>
<P align=justify style="text-indent: 5%">Notwithstanding the provisions of Section 3.08 and except as
provided in the preceding paragraph, the Company, the Trustees and any agent of
the Company and the Trustees shall treat as the Holder of such principal amount
of Outstanding Securities represented by a permanent global Security (i) in the
case of a permanent global Security in registered form, the Holder of such
permanent global Security in registered form, or (ii) in the case of a permanent
global Security in bearer form, the Depositary. </P>
<P align=center>ARTICLE THREE <BR>THE SECURITIES </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left ><B>Section 3.01</B> </TD>
    <TD align=left width="85%"><B>Issuable in Series</B> </TD></TR></TABLE>
<P align=justify style="text-indent: 5%">The aggregate principal amount of Securities that may be
authenticated and delivered under this Indenture is unlimited. The Securities
may be issued in one or more series and may be denominated and payable in
Dollars or any Foreign Currency. There shall be established in one or more Board
Resolutions or pursuant to authority granted by one or more Board Resolutions
and, subject to Section 3.03, set forth in, or determined in the manner provided
in, an Officers&#146; Certificate, or established in one or more indentures
supplemental hereto, prior to the issuance of Securities of any series, any or
all of the following, as applicable (each of which (except for the matters set
forth in clauses (1), (2) and (19) below), if so provided, may be determined
from time to time by the Company with respect to unissued Securities of the
series and set forth in such Securities of the series when issued from time to
time): </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(1) </TD>
    <TD>
      <P align=justify>the title of the Securities of the series (which shall
      distinguish the Securities of the series from all other series of
      Securities);</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(2) </TD>
    <TD>
      <P align=justify>the aggregate principal amount of the Securities of the
      series that may be authenticated and delivered under this Indenture
      (except for Securities authenticated and delivered upon registration of
      transfer (including any restriction or condition on the transferability of
      the Securities of such series) of, or in exchange for, or in lieu of,
      other Securities of the series pursuant to Section 3.04, Section 3.05,
      Section 3.06, Section 10.06, Section 12.07 or Section
  14.05);</P></TD></TR></TABLE>
<P align=center>- 24 - </P>
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<TABLE
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  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(3) </TD>
    <TD>
      <P align=justify>the extent and manner, if any, to which payment on or in
      respect of the Securities of the series will be senior or will be
      subordinated to the prior payment of other liabilities and obligations of
      the Company, and whether the payment of principal, premium, if any, and
      interest, if any, will be guaranteed by any other Person (including
      provisions relating to seniority, subordination and the release or the
      guarantors), and any additions or changes to permit or facilitate
      guarantees of such Securities;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(4) </TD>
    <TD>
      <P align=justify>the date or dates, or the method by which such date or
      dates will be determined or extended, on which the Securities of the
      series may be issued and the date, or dates, or the method by which such
      date or dates will be determined or extended, on which the principal of
      the Securities of the series is payable;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(5) </TD>
    <TD>
      <P align=justify>the rate or rates at which the Securities of the series
      shall bear interest (whether fixed or variable), if any, or the method by
      which such rate or rates shall be determined, whether such interest shall
      be payable in cash or additional Securities of the same series or shall
      acure and increase the aggregate principal aount outstanding of such
      series (including if such Securities were originally issued at a
      discount), the date or dates from which such interest shall accrue, or the
      method by which such date or dates shall be determined, the Interest
      Payment Dates on which such interest shall be payable and the Regular
      Record Date, if any, for the interest payable on any Registered Security
      on any Interest Payment Date, or the method by which such date or dates
      shall be determined, and the basis upon which interest shall be calculated
      if other than on the basis of a 360-day year of 12 30-day
months;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(6) </TD>
    <TD>
      <P align=justify>if the Securities do not bear interest, the dates on
      which the Company will furnish to the Trustee the names and addresses of
      the Holders of Securities;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(7) </TD>
    <TD>
      <P align=justify>the place or places, if any, other than or in addition to
      The Borough of Manhattan, The City of New York, where the principal of
      (and premium, if any) and interest, if any, on Securities of the series
      shall be payable, where any Registered Securities of the series may be
      surrendered for registration of transfer, where Securities of the series
      may be surrendered for exchange, where Securities of the series that are
      convertible or exchangeable may be surrendered for conversion or exchange,
      as applicable and, if different than the location specified in Section
      1.05, the place or places where notices or demands to or upon the Company
      in respect of the Securities of the series and this Indenture may be
      served;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(5) </TD>
    <TD>
      <P align=justify>the period or periods within which, the date or dates on
      which, the price or prices at which, and other terms and conditions upon
      which Securities of the series may be redeemed, in whole or in part, at
      the option of the Company, if the Company is to have that
option;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(6) </TD>
    <TD>
      <P align=justify>the obligation, if any, of the Company to redeem, repay
      or purchase Securities of the series pursuant to any sinking fund,
      amortization or analogous provision or at the option of a Holder thereof,
      and the period or periods within which, the price
or prices at which, the Currency in which, and other terms
      and conditions upon which Securities of the series shall be redeemed,
      repaid or purchased, in whole or in part, pursuant to such
    obligation;</P></TD></TR></TABLE>
<P align=center>- 25 - </P>
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<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(7) </TD>
    <TD>
      <P align=justify>if other than denominations of $1,000 and any integral
      multiple thereof, the denomination or denominations in which any
      Registered Securities of the series shall be issuable and, if other than
      denominations of $5,000, the denomination or denominations in which any
      Bearer Securities of the series shall be issuable;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(8) </TD>
    <TD>
      <P align=justify>if other than the Trustees, the identity of each Security
      Registrar and/or Paying Agent, as satisfactory to the Trustees;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(9) </TD>
    <TD>
      <P align=justify>if other than the principal amount thereof, the portion
      of the principal amount of Securities of the series that shall be payable
      upon declaration of acceleration of the Maturity thereof pursuant to
      Section 6.02 or the method by which such portion shall be
    determined;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(10) </TD>
    <TD>
      <P align=justify>if other than Dollars, the Currency in which payment of
      the principal of (or premium, if any) or interest, if any, on the
      Securities of the series shall be payable or in which the Securities of
      the series shall be denominated and the particular provisions applicable
      thereto in accordance with, in addition to or in lieu of any of the
      provisions of Section 3.11;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(11) </TD>
    <TD>
      <P align=justify>whether the amount of payments of principal of (or
      premium, if any) or interest, if any, on the Securities of the series may
      be determined with reference to an index, formula or other method (which
      index, formula or method may be based, without limitation, on one or more
      Currencies, commodities, equity indices or other indices), and the manner
      in which such amounts shall be determined;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(12) </TD>
    <TD>
      <P align=justify>whether the principal of (or premium, if any) or
      interest, if any, on the Securities of the series are to be payable, at
      the election of the Company or a Holder thereof, in a Currency other than
      that in which such Securities are denominated or stated to be payable, the
      period or periods within which (including the Election Date), and the
      terms and conditions upon which, such election may be made, and the time
      and manner of determining the exchange rate between the Currency in which
      such Securities are denominated or stated to be payable and the Currency
      in which such Securities are to be so payable, in each case in accordance
      with, in addition to or in lieu of any of the provisions of Section
      3.11;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(13) </TD>
    <TD>
      <P align=justify>the designation of the initial Exchange Rate Agent, if
      any;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(14) </TD>
    <TD>
      <P align=justify>the applicability, if any, of Section 15.02 and/or
      Section 15.03 to the Securities of the series and any provisions in
      modification of, in addition to or in lieu of any of the provisions of
      Article Fifteen that shall be applicable to the Securities of the
      series;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(15) </TD>
    <TD>
      <P align=justify>provisions, if any, granting special rights to the
      Holders of Securities of the series upon the occurrence of such events as
      may be specified;</P></TD></TR></TABLE>
<P align=center>- 26 - </P>
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  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(16) </TD>
    <TD>
      <P align=justify>any deletions from, modifications of or additions to the
      Events of Default or covenants (including any deletions from,
      modifications of or additions to Section 11.08) of the Company with
      respect to Securities of the series, whether or not such Events of Default
      or covenants are consistent with the Events of Default or covenants set
      forth herein;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(17) </TD>
    <TD>
      <P align=justify>whether Securities of the series are to be issuable as
      Registered Securities, Bearer Securities (with or without coupons) or
      both, any restrictions applicable to the offer, sale or delivery of Bearer
      Securities, whether any Securities of the series are to be issuable
      initially in temporary global form and whether any Securities of the
      series are to be issuable in permanent global form with or without coupons
      and, if so, whether beneficial owners of interests in any such permanent
      global Security may exchange such interests for Securities of such series
      and of like tenor of any authorized form and denomination and the
      circumstances under which any such exchanges may occur, if other than in
      the manner provided in Section 3.05, whether Registered Securities of the
      series may be exchanged for Bearer Securities of the series (if permitted
      by applicable laws and regulations), whether Bearer Securities of the
      series may be exchanged for Registered Securities of such series, and the
      circumstances under which and the place or places where any such exchanges
      may be made and, if Securities of the series are to be issuable in global
      form, the identity of any initial depositary therefor;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(18) </TD>
    <TD>
      <P align=justify>the date as of which any Bearer Securities of the series
      and any global Security of the series shall be dated if other than the
      date of original issuance of the first Security of the series to be
      issued;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(19) </TD>
    <TD>
      <P align=justify>the Person to whom any interest on any Registered
      Security of the series shall be payable, if other than the Person in whose
      name that Security (or one or more Predecessor Securities) is registered
      at the close of business on the Regular Record Date for such interest, the
      manner in which, or the Person to whom, any interest on any Bearer
      Security of the series shall be payable, if otherwise than upon
      presentation and surrender of the coupons appertaining thereto as they
      severally mature, and the extent to which, or the manner in which, any
      interest payable on a temporary global Security on an Interest Payment
      Date will be paid if other than in the manner provided in Section
    3.04;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(20) </TD>
    <TD>
      <P align=justify>if Securities of the series are to be issuable in
      definitive form (whether upon original issue or upon exchange of a
      temporary Security of such series) only upon receipt of certain
      certificates or other documents or satisfaction of other conditions, the
      form and/or terms of such certificates, documents or conditions;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(21) </TD>
    <TD>
      <P align=justify>if the Securities of the series are to be issued upon the
      exercise of warrants or subscription receipts, the time, manner and place
      for such Securities to be authenticated and
delivered;</P></TD></TR></TABLE>
<P align=center>- 27 - </P>
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  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(22) </TD>
    <TD>
      <P align=justify>whether and under what circumstances the Company will pay
      Additional Amounts as contemplated by Section 11.05 on the Securities of
      the series to any Holder which is not a United States person (including
      any modification to the definition of such term) in respect of any tax,
      assessment or governmental charge and, if so, whether the Company will
      have the option to redeem such Securities rather than pay such Additional
      Amounts (and the terms of any such option);</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(23) </TD>
    <TD>
      <P align=justify>if the Securities of the series are to be convertible
      into or exchangeable for any securities or property of any Person
      (including the Company), the terms and conditions upon which such
      Securities will be so convertible or exchangeable, and any additions or
      changes to permit or facilitate such conversion or exchange;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(24) </TD>
    <TD>
      <P align=justify>the applicability, if any, of Section 11.05 and Section
      12.08 to such Securities;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(25) </TD>
    <TD>
      <P align=justify>if other than The Depositary Trust Company, the Person
      designated as the Depositary with respect to the Securities of such
      series;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(26) </TD>
    <TD>
      <P align=justify>provisions as to modification, amendment or variation of
      any rights or terms attaching to the Securities;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(30) </TD>
    <TD>
      <P align=justify>whether the Securities will be secured or unsecured;
      and</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(27) </TD>
    <TD>
      <P align=justify>any other terms, conditions, rights and preferences (or
      limitations on such rights and preferences) relating to the series (which
      terms shall not be inconsistent with the requirements of Trust Indenture
      Legislation or the provisions of this Indenture).</P></TD></TR></TABLE>
<P align=justify style="text-indent: 5%">All Securities of any one series and the coupons appertaining
to any Bearer Securities of such series shall be substantially identical except,
in the case of Registered Securities, as to denomination and except as may
otherwise be provided in or pursuant to such Board Resolution (subject to
Section 3.03) and set forth in such Officers&#146; Certificate or in any such
indenture supplemental hereto. Not all Securities of any one series need be
issued at the same time, and, unless otherwise provided, a series may be
reopened for issuances of additional Securities of such series. </P>
<P align=justify style="text-indent: 5%">If any of the terms of the series are established by action
taken pursuant to one or more Board Resolutions, such Board Resolutions shall be
delivered to the Trustees at or prior to the delivery of the Officers&#146;
Certificate setting forth the terms of the series. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left ><B>Section 3.02</B> </TD>
    <TD align=left width="85%"><B>Denominations</B> </TD></TR></TABLE>
<P align=justify style="text-indent: 5%">The Securities of each series shall be issuable in such
denominations as shall be specified as contemplated by Section 3.01. With
respect to Securities of any series denominated in Dollars, in the absence of
any such provisions, the Registered Securities of such series, other than
Registered Securities issued in global form (which may be of any denomination),
shall be issuable in denominations of $1,000 and any integral multiple thereof
and the Bearer Securities of such series, other than the Bearer Securities
issued in global form (which may be of any denomination), shall be issuable in a
denomination of $5,000 and any integral multiples thereof. </P>
<P align=center>- 28 - </P>
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  <TR vAlign=top>
    <TD align=left ><B>Section 3.03</B> </TD>
    <TD align=left width="85%"><B>Execution, Authentication, Delivery and
      Dating</B> </TD></TR></TABLE>
<P align=justify style="text-indent: 5%">The Securities and any coupons appertaining thereto shall be
executed on behalf of the Company by its President, Chief Executive Officer,
Chief Operating Officer or Chief Financial Officer. The signature of any of
these officers on the Securities or coupons may be the manual or facsimile
signatures of the present or any future such authorized officer and may be
imprinted or otherwise reproduced on the Securities. </P>
<P align=justify style="text-indent: 5%">Securities or coupons bearing the manual or facsimile
signatures of individuals who were at any time the proper officers of the
Company shall bind the Company, notwithstanding that such individuals or any of
them have ceased to hold such offices prior to the authentication and delivery
of such Securities or did not hold such offices at the date of such Securities
or coupons. </P>
<P align=justify style="text-indent: 5%">At any time and from time to time after the execution and
delivery of this Indenture, the Company may deliver Securities of any series
together with any coupon appertaining thereto, executed by the Company to the
applicable Trustee for authentication, together with a Company Order for the
authentication and delivery of such Securities, and the applicable Trustee in
accordance with such Company Order shall authenticate and deliver such
Securities; <U>provided</U>, <U>however</U>, that, in connection with its
original issuance, no Bearer Security shall be mailed or otherwise delivered to
any location in the United States; and <U>provided</U> <U>further</U> that,
unless otherwise specified with respect to any series of Securities pursuant to
Section 3.01, a Bearer Security may be delivered in connection with its original
issuance only if the Person entitled to receive such Bearer Security shall have
furnished a certificate in the form set forth in Exhibit A-1 to this Indenture,
dated no earlier than 15 days prior to the earlier of the date on which such
Bearer Security is delivered and the date on which any temporary Security first
becomes exchangeable for such Bearer Security in accordance with the terms of
such temporary Security and this Indenture. If any Security shall be represented
by a permanent global Bearer Security, then, for purposes of this Section and
Section 3.04, the notation of a beneficial owner&#146;s interest therein upon
original issuance of such Security or upon exchange of a portion of a temporary
global Security shall be deemed to be delivery in connection with its original
issuance of such beneficial owner&#146;s interest in such permanent global Security.
Except as permitted by Section 3.06, the Trustees shall not authenticate and
deliver any Bearer Security unless all appurtenant coupons for interest then
matured have been detached and cancelled. If not all the Securities of any
series are to be issued at one time and if the Board Resolution or supplemental
indenture establishing such series shall so permit, such Company Order may set
forth procedures acceptable to the Trustees for the issuance of such Securities
and determining terms of particular Securities of such series such as interest
rate, stated maturity, date of issuance and date from which interest shall
accrue. </P>
<P align=justify style="text-indent: 5%">In authenticating such Securities, and accepting the additional
responsibilities under this Indenture in relation to such Securities, the
Trustees shall be entitled to receive, and (subject to Trust Indenture
Legislation and TIA Sections 315(a) through 315(d)) shall be fully protected in
relying upon, an Opinion of Counsel stating: </P>
<P align=justify style="text-indent: 5%">(a) that the form or forms of such Securities and any coupons
have been established in conformity with the provisions of this Indenture; </P>
<P align=center>- 29 - </P>
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<P align=justify style="text-indent: 5%">(b) that the terms of such Securities and any coupons have been
established in conformity with the provisions of this Indenture; </P>
<P align=justify style="text-indent: 5%">(c) that such Securities, together with any coupons
appertaining thereto, when completed by appropriate insertions and executed and
delivered by the Company to the Trustees for authentication in accordance with
this Indenture, authenticated and delivered by the Trustees, or either of them,
in accordance with this Indenture and issued by the Company in the manner and
subject to any conditions specified in such Opinion of Counsel, will constitute
the legal, valid and binding obligations of the Company, enforceable in
accordance with their terms, subject to applicable bankruptcy, insolvency,
reorganization and other similar laws of general applicability relating to or
affecting the enforcement of creditors&#146; rights and to general equitable
principles and to such other qualifications as such counsel shall conclude do
not materially affect the rights of Holders of such Securities and any coupons;
</P>
<P align=justify style="text-indent: 5%">(d) that all laws and requirements in respect of the execution
and delivery by the Company of such Securities, any coupons and of the
supplemental indentures, if any, have been complied with and that authentication
and delivery of such Securities and any coupons and the execution and delivery
of the supplemental indentures, if any, by the Trustees will not violate the
terms of the Indenture; </P>
<P align=justify style="text-indent: 5%">(e) that the Company has the corporate power to issue such
Securities and any coupons, and has duly taken all necessary corporate action
with respect to such issuance; and </P>
<P align=justify style="text-indent: 5%">(f) that the issuance of such Securities and any coupons will
not contravene the articles of incorporation or continuance, or such other
constating documents then in effect, if any, or by-laws of the Company or result
in any violation of any of the terms or provisions of any law or regulation or
of any indenture, mortgage or other agreement known to such Counsel by which the
Company is bound. </P>
<P align=justify style="text-indent: 5%">Notwithstanding the provisions of Section 3.01 and of the
preceding two paragraphs, if not all the Securities of any series are to be
issued at one time, it shall not be necessary to deliver the Officers&#146;
Certificate otherwise required pursuant to Section 3.01 or the Company Order and
Opinion of Counsel otherwise required pursuant to the preceding two paragraphs
prior to or at the time of issuance of each Security, but such documents shall
be delivered prior to or at the time of issuance of the first Security of such
series. </P>
<P align=justify style="text-indent: 5%">The Trustees shall not be required to authenticate and deliver
any such Securities if the issue of such Securities pursuant to this Indenture
will affect the Trustees&#146; own rights, duties or immunities under the Securities
and this Indenture or otherwise in a manner which is not reasonably acceptable
to the Trustees. </P>
<P align=justify style="text-indent: 5%">Each Registered Security shall be dated the date of its
authentication and each Bearer Security shall be dated as of the date specified
as contemplated by Section 3.01. </P>
<P align=justify style="text-indent: 5%">No Security or coupon shall entitle a Holder to any benefit
under this Indenture or be valid or obligatory for any purpose unless there
appears on such Security a certificate of authentication substantially in the
form provided for herein duly executed by the U.S. Trustee or by the Canadian
Trustee by manual signature of an authorized officer, and such certificate upon any Security shall be conclusive evidence, and the only
evidence, that such Security has been duly authenticated and delivered hereunder
and is entitled to the benefits of this Indenture. Notwithstanding the
foregoing, if any Security shall have been authenticated and delivered hereunder
but never issued and sold by the Company, and the Company shall deliver such
Security to the Trustees for cancellation as provided in Section 3.09 together
with a written statement (which need not comply with Section 1.02 and need not
be accompanied by an Opinion of Counsel) stating that such Security has never
been issued and sold by the Company, for all purposes of this Indenture such
Security shall be deemed never to have been authenticated and delivered
hereunder and shall never entitle a Holder to the benefits of this Indenture.
</P>
<P align=center>- 30 - </P>
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  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="85%">&nbsp;</TD></TR>

  <TR vAlign=top>
    <TD align=left ><B>Section 3.04</B> </TD>
    <TD align=left width="85%"><B>Temporary Securities</B>
</TD></TR></TABLE>
<P align=justify style="text-indent: 5%">Pending the preparation of definitive Securities of any series,
the Company may execute, and upon Company Order, the Trustees, or either of
them, shall authenticate and deliver, temporary Securities which are printed,
lithographed, typewritten, mimeographed or otherwise produced, in any authorized
denomination, substantially of the tenor of the definitive Securities in lieu of
which they are issued, in registered form or, if authorized, in bearer form with
one or more coupons or without coupons, and with such appropriate insertions,
omissions, substitutions and other variations as the officers executing such
Securities may determine, as conclusively evidenced by their execution of such
Securities. Such temporary Securities may be in global form. </P>
<P align=justify style="text-indent: 5%">Except in the case of temporary Securities in global form
(which shall be exchanged in accordance with the provisions of the following
paragraphs), if temporary Securities of any series are issued, the Company will
cause definitive Securities of that series to be prepared without unreasonable
delay. After the preparation of definitive Securities of such series, the
temporary Securities of such series shall be exchangeable for definitive
Securities of such series upon surrender of the temporary Securities of such
series at the office or agency of the Company in a Place of Payment for that
series, without charge to the Holder. Notwithstanding that procedure, Canadian
Securities issued in temporary form must be returned to the Canadian Trustee for
cancellation. Upon surrender for cancellation of any one or more temporary
Securities of any series (accompanied by any unmatured coupons appertaining
thereto), the Company shall execute and either Trustee shall authenticate and
deliver in exchange therefor a like principal amount of definitive Securities of
the same series of authorized denominations; <U>provided</U>, <U>however</U>,
that no definitive Bearer Security shall be delivered in exchange for a
temporary Registered Security; and <U>provided</U> <U>further</U> that a
definitive Bearer Security shall be delivered in exchange for a temporary Bearer
Security only in compliance with the conditions set forth in Section 3.03. Until
so exchanged the temporary Securities of any series shall in all respects be
entitled to the same benefits under this Indenture as definitive Securities of
such series. </P>
<P align=justify style="text-indent: 5%">If temporary Securities of any series are issued in global
form, any such temporary global Security shall, unless otherwise provided
therein, be delivered to the office of a depositary or common depositary (the
&#147;Common Depositary&#148;) or the Depositary, as applicable, for credit to the
respective accounts of the beneficial owners of such Securities (or to such
other accounts as they may direct). </P>
<P align=center>- 31 - </P>
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<P align=justify style="text-indent: 5%">Without unnecessary delay but in any event not later than the
date specified in, or determined pursuant to the terms of, any such temporary
global Security (the &#147;Exchange Date&#148;), the Company shall deliver to the Trustees
definitive Securities, in aggregate principal amount equal to the principal
amount of such temporary global Security, executed by the Company. On or after
the Exchange Date such temporary global Security shall be surrendered by the
Common Depositary to the Trustees, as the Company&#146;s agent for such purpose, to
be exchanged, in whole or from time to time in part, for definitive Securities
without charge and either Trustee shall authenticate and deliver, in exchange
for each portion of such temporary global Security, an equal aggregate principal
amount of definitive Securities of the same series of authorized denominations
and of like tenor as the portion of such temporary global Security to be
exchanged. The definitive Securities to be delivered in exchange for any such
temporary global Security shall be in bearer form, registered form, permanent
global bearer form or permanent global registered form, or any combination
thereof, as specified as contemplated by Section 3.01, and, if any combination
thereof is so specified, as requested by the beneficial owner thereof;
<U>provided</U>, <U>however</U>, that, unless otherwise specified in such
temporary global Security, upon such presentation by the Common Depositary, such
temporary global Security is accompanied by a certificate dated the Exchange
Date or a subsequent date and signed by the Depositary as to the portion of such
temporary global Security held for its account then to be exchanged and a
certificate dated the Exchange Date or a subsequent date, each in the form set
forth in Exhibit A-2 to this Indenture (or in such other form as may be
established pursuant to Section 3.01); and <U>provided</U> <U>further</U> that
definitive Bearer Securities shall be delivered in exchange for a portion of a
temporary global Security only in compliance with the requirements of Section
3.03. </P>
<P align=justify style="text-indent: 5%">Unless otherwise specified in such temporary global Security,
the interest of a beneficial owner of Securities of a series in a temporary
global Security shall be exchanged for definitive Securities of the same series
and of like tenor following the Exchange Date when the account holder instructs
the Depositary to request such exchange on his behalf and delivers to<B> </B>the
Depositary a certificate in the form set forth in Exhibit A-1 to this Indenture
(or in such other form as may be established pursuant to Section 3.01), dated no
earlier than 15 days prior to the Exchange Date, copies of which certificate
shall be available from the offices of the Depositary, the Trustees, any
Authenticating Agent appointed for such series of Securities and each Paying
Agent. Unless otherwise specified in such temporary global Security, any such
exchange shall be made free of charge to the beneficial owners of such temporary
global Security, except that a Person receiving definitive Securities must bear
the cost of insurance, postage, transportation and the like in the event that
such Person does not take delivery of such definitive Securities in person at
the offices of the Depositary. Definitive Securities in bearer form to be
delivered in exchange for any portion of a temporary global Security shall be
delivered only outside the United States. </P>
<P align=justify style="text-indent: 5%">Until exchanged in full as hereinabove provided, the temporary
Securities of any series shall in all respects be entitled to the same benefits
under this Indenture as definitive Securities of the same series and of like
tenor authenticated and delivered hereunder, except that, unless otherwise
specified as contemplated by Section 3.01, interest payable on a temporary
global Security on an Interest Payment Date for Securities of such series
occurring prior to the applicable Exchange Date shall be payable to the
Depositary on such Interest Payment Date upon delivery by the Depositary to the
Trustees of a certificate or certificates in the form set forth in Exhibit A-2
to this Indenture (or in such other form as may be established pursuant to
Section 3.01), for credit without further interest thereon on or after
such Interest Payment Date to the respective accounts of the Persons who are the
beneficial owners of such temporary global Security on such Interest Payment
Date and who have each delivered to the Depositary a certificate dated no
earlier than 15 days prior to the Interest Payment Date occurring prior to such
Exchange Date in the form set forth in Exhibit A-1 to this Indenture (or in such
other form as may be established pursuant to Section 3.01) . Notwithstanding
anything to the contrary herein contained, the certifications made pursuant to
this paragraph shall satisfy the certification requirements of the preceding two
paragraphs of this Section and of the third paragraph of Section 3.03 of this
Indenture and the interests of the Persons who are the beneficial owners of the
temporary global Security with respect to which such certification was made will
be exchanged for definitive Securities of the same series and of like tenor on
the Exchange Date or the date of certification if such date occurs after the
Exchange Date, without further act or deed by such beneficial owners. Except as
otherwise provided in this paragraph, no payments of principal (or premium, if
any) or interest, if any, owing with respect to a beneficial interest in a
temporary global Security will be made unless and until such interest in such
temporary global Security shall have been exchanged for an interest in a
definitive Security. Any interest so received by the Depositary<B> </B>and not
paid as herein provided shall be returned to the Trustees immediately prior to
the expiration of two years after such Interest Payment Date in order to be
repaid to the Company in accordance with Section 11.03. </P>
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    <TD align=left >&nbsp;</TD>
    <TD align=left width="85%">&nbsp;</TD></TR>

  <TR vAlign=top>
    <TD align=left ><B>Section 3.05</B> </TD>
    <TD align=left width="85%"><B>Registration, Registration of Transfer and
      Exchange</B> </TD></TR></TABLE>
<P align=justify style="text-indent: 5%">So long as required by Trust Indenture Legislation, the Company
shall cause to be kept at the Corporate Trust Offices of the Trustees a register
for each series of Securities(the registers maintained in the Corporate Trust
Offices of the Trustees and in any other office or agency of the Company in a
Place of Payment being herein sometimes collectively referred to as the &#147;Central
Register&#148;) in which, subject to such reasonable regulations as it may prescribe,
the Company shall provide for the registration of the Holders of Registered
Securities and of transfers of Registered Securities. The Central Register shall
be in written form or any other form capable of being converted into written
form within a reasonable time. At all reasonable times, the Central Register
shall be open to inspection by the Trustee. The Company will cause the
particulars of each such issue, exchange or transfer of Securities to be
recorded in the Central Register. The Company hereby appoints the Canadian
Trustee as the Central Registrar and Transfer Agent for the Canadian Securities
and the U.S. Trustee as the Central Registrar and Transfer Agent for the U.S.
Securities (collectively, the &#147;Central Securities Registrars&#148;). There shall be
two such Central Registers, one for U.S. Securities and one for Canadian
Securities. If permitted by Trust Indenture Legislation, the Company may appoint
a Person other than the Company or a trust corporation registered under the
<I>Trust and Loan Companies Act</I>, S.C. 1991, c. 45 as the Central Securities
Registrar; provided that, no such removal or replacement shall be effective
until a successor Central Security Registrar with respect to such series of
Registered Securities shall have been appointed by the Company and shall have
accepted such appointment by the Company. In the event that the Trustees shall
not be or shall cease to be the Central Securities Registrar with respect to a
series of Securities, it shall have the right to examine the Central Register
for such series at all reasonable times. There shall be only one Central
Securities Register for such series of Securities. </P>
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<P align=justify style="text-indent: 5%">The Company may, subject to the consent of the Appropriate
Trustee, also cause to be maintained a branch register (a &#147;Branch Register&#148;) or
Branch Registers of Holders of Securities in accordance with Section 11.02 in
the same manner and containing the same information with respect to each entry
contained therein as contained in the Central Register. A copy of every entry in
a Branch Register shall, promptly after the entry is made, be transmitted to the
Central Security Registrar. If there is a conflict between the information
contained in the Central Register and the information contained in the Branch
Register, the information contained in the Central Register shall prevail. The
Central Register together with each Branch Register are collectively referred to
herein as the &#147;Security Register&#148;. At all reasonable times, the Security
Register shall be open to inspection by the Trustees. The Company may appoint
from time to time one or more branch security registrars (&#147;Branch Security
Registrars&#148;) and may from time to time rescind any such appointment. The Central
Security Registrar together with each Branch Security Registrar are collectively
referred to herein as the &#147;Security Registrar&#148;. </P>
<P align=justify style="text-indent: 5%">Upon surrender for registration of transfer of any Registered
Security of any series at the office or agency in a Place of Payment for that
series, the Company shall execute, and the Appropriate Trustee shall
authenticate and deliver, in the name of the designated transferee, one or more
new Registered Securities of the same series, of any authorized denominations
and of a like aggregate principal amount and tenor. </P>
<P align=justify style="text-indent: 5%">For Canadian Securities, the Security must be duly endorsed for
transfer or in a duly endorsed transferable form as applicable and must comply
with the current industry practice in accordance with the Securities Transfer
Association of Canada. </P>
<P align=justify style="text-indent: 5%">At the option of the Holder, Registered Securities of any
series may be exchanged for other Registered Securities of the same series, of
any authorized denomination and of a like aggregate principal amount, upon
surrender of the Registered Securities to be exchanged at such office or agency.
Whenever any Registered Securities are so surrendered for exchange, the Company
shall execute, and the Appropriate Trustee shall authenticate and deliver, the
Registered Securities which the Holder making the exchange is entitled to
receive. Unless otherwise specified with respect to any series of Securities as
contemplated by Section 3.01, Bearer Securities may not be issued in exchange
for Registered Securities. The Appropriate Trustee shall update the Register,
or, if the Appropriate Trustee is not the Authenticating Agent, the Appropriate
Trustee shall immediately provide a copy of the newly Authenticated Security to
the Central Registrar so that the Register may be updated. </P>
<P align=justify style="text-indent: 5%">If (but only if) expressly permitted in or pursuant to the
applicable Board Resolution and (subject to Section 3.03) set forth in the
applicable Officers&#146; Certificate, or in any indenture supplemental hereto,
delivered as contemplated by Section 3.01, at the option of the Holder, Bearer
Securities of any series may be exchanged for Registered Securities of the same
series of any authorized denomination and of a like aggregate principal amount
and tenor, upon surrender of the Bearer Securities to be exchanged at the office
of the Appropriate Trustee, with all unmatured coupons and all matured coupons
in default thereto appertaining. If the Holder of a Bearer Security is unable to
produce any such unmatured coupon or coupons or matured coupon or coupons in
default, any such permitted exchange may be effected if the Bearer Securities
are accompanied by payment in funds acceptable to the Company in an amount equal
to the face amount of such missing coupon or coupons, or the surrender of such
missing coupon or coupons may be waived by the Company and the Trustees if there is
furnished to them such security or indemnity as they may require to save each of
them and any Paying Agent harmless. If thereafter the Holder of such Security
shall surrender to any Paying Agent any such missing coupon in respect of which
such a payment shall have been made, such Holder shall be entitled to receive
the amount of such payment; <U>provided</U>, <U>however</U>, that, except as
otherwise provided in Section 11.02, interest represented by coupons shall be
payable only upon presentation and surrender of those coupons at an office or
agency located outside the United States. Notwithstanding the foregoing, in case
a Bearer Security of any series is surrendered at any such office or agency in a
permitted exchange for a Registered Security of the same series and like tenor
after the close of business at such office or agency on (i) any Regular Record
Date and before the opening of business at such office or agency on the relevant
Interest Payment Date, or (ii) any Special Record Date and before the opening of
business at such office or agency on the related proposed date for payment of
Defaulted Interest, such Bearer Security shall be surrendered without the coupon
relating to such Interest Payment Date or proposed date for payment, as the case
may be, and interest or Defaulted Interest, as the case may be, will not be
payable on such Interest Payment Date or proposed date for payment, as the case
may be, in respect of the Registered Security issued in exchange for such Bearer
Security, but will be payable only to the Holder of such coupon when due in
accordance with the provisions of this Indenture. </P>
<P align=center>- 34 - </P>
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<P align=justify style="text-indent: 5%">Whenever any Securities are so surrendered for exchange, the
Company shall execute, and the Appropriate Trustee shall authenticate and
deliver, the Securities which the Holder making the exchange is entitled to
receive. </P>
<P align=justify style="text-indent: 5%">Notwithstanding the foregoing, except as otherwise specified as
contemplated by Section 3.01, any permanent global Security shall be
exchangeable only as provided in this paragraph. If any beneficial owner of an
interest in a permanent global Security is entitled to exchange such interest
for Securities of such series and of like tenor and principal amount of another
authorized form and denomination, as contemplated by Section 3.01 and provided
that any applicable notice provided in the permanent global Security shall have
been given to the Company, the Appropriate Trustee and the Common Depositary,
then without unnecessary delay but in any event not later than the earliest date
on which such interest may be so exchanged, the Company shall deliver to the
Appropriate Trustee definitive Securities in aggregate principal amount equal to
the principal amount of such beneficial owner&#146;s interest in such permanent
global Security, executed by the Company. On or after the earliest date on which
such interests may be so exchanged, such permanent global Security shall be
surrendered by the Common Depositary or such other depositary as shall be
specified in the Company Order with respect thereto to the Appropriate Trustee,
as the Company&#146;s agent for such purpose, to be exchanged in whole or from time
to time in part, for definitive Securities without charge, and the Appropriate
Trustee shall authenticate and deliver, in exchange for each portion of such
permanent global Security, an equal aggregate principal amount of definitive
Securities of the same series of authorized denominations and of like tenor as
the portion of such permanent global Security to be exchanged which, unless the
Securities of the series are not issuable both as Bearer Securities and as
Registered Securities, as specified as contemplated by Section 3.01, shall be in
the form of Bearer Securities or Registered Securities, or any combination
thereof, as shall be specified by the beneficial owner thereof. The Appropriate
Trustee shall promptly provide to the Common Depositary (or other applicable
Depositary) a replacement global Security in the aggregate principal amount of the global Security not being so exchanged.
The Appropriate Trustee shall note the exchange on the register for such
Securities. Notwithstanding the foregoing, no such exchanges may occur during a
period beginning at the opening of business 15 days before any selection of
Securities to be redeemed and ending on the relevant Redemption Date if the
Security for which exchange is requested may be among those selected for
redemption; and provided, further, that no Bearer Security delivered in exchange
for a portion of a permanent global Security shall be mailed or otherwise
delivered to any location in the United States. If a Registered Security is
issued in exchange for any portion of a permanent global Security after the
close of business at the office or agency where such exchange occurs on (i) any
Regular Record Date and before the opening of business at such office or agency
on the relevant Interest Payment Date, or (ii) any Special Record Date and
before the opening of business at such office or agency on the related proposed
date for payment of Defaulted Interest, interest or Defaulted Interest, as the
case may be, will not be payable on such Interest Payment Date or proposed date
for payment, as the case may be, in respect of such Registered Security, but
will be payable on such Interest Payment Date or proposed date for payment, as
the case may be, only to the Person to whom interest in respect of such portion
of such permanent global Security is payable in accordance with the provisions
of this Indenture. </P>
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<P align=justify style="text-indent: 5%">Transfers of global Securities shall be limited to transfers in
whole, but not in part, to the Depositary, its successors or their respective
nominees. If at any time the Depositary of a series notifies the Company that it
is unwilling, unable or no longer qualifies to continue as Depositary of such
series or if at any time the Depositary for such series shall no longer be
registered or in good standing under the Exchange Act, or other applicable
statute or regulation, the Company shall appoint a successor depositary with
respect to the Securities for such series. If a successor to the Depositary is
not appointed by the Company within 90 days after the Company receives such
notice or becomes aware of such condition, as the case may be, the Company&#146;s
election pursuant to Section 3.01 shall no longer be effective with respect to
the Securities for such series and the Company will execute, and the Appropriate
Trustee, upon receipt of a Company Order for the authentication and delivery of
definitive Securities of such series, will authenticate and deliver Securities
of such series in definitive, registered form, in authorized denominations, and
in an aggregate principal amount equal to the principal amount of the global
Security or Securities representing such series in exchange for such global
Security or Securities. </P>
<P align=justify style="text-indent: 5%">The Company may at any time and in its sole discretion
determine that the Securities of any series issued in the form of one or more
global Securities shall no longer be represented by such global Security or
Securities. In such event the Company will execute, and the Appropriate Trustee,
upon receipt of a Company Order for the authentication and delivery of
definitive Securities of such series, will authenticate and deliver Securities
of such series in definitive, registered form, in authorized denominations, and
in an aggregate principal amount equal to the principal amount of the global
Security or Securities representing such series in exchange for such global
Security or Securities. </P>
<P align=justify style="text-indent: 5%">Interests of a beneficial owner in global Securities may also
be transferred or exchanged for definitive Securities if, after the occurrence
of an Event of Default with respect to such Securities, and while such Event of
Default is continuing, such owner notifies the Trustees in writing that it
wishes to receive a Security in definitive, registered form and provides to the
Trustees evidence reasonably satisfactory to the Trustees of its ownership
interest in such Securities. In such event the Company will execute, and the
Appropriate Trustee, upon receipt of a Company Order for the authentication and
delivery of definitive Securities of such series, will authenticate and deliver
Securities of such series in definitive, registered form, in authorized
denominations, and in an aggregate principal amount equal to the principal
amount of the global Security or Securities representing such series in exchange
for such global Security or Securities. </P>
<P align=center>- 36 - </P>
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<P align=justify style="text-indent: 5%">Upon the exchange of a global Security for Securities in
definitive registered form, such global Security shall be cancelled by the
Appropriate Trustee. Securities issued in exchange for a global Security
pursuant to this Section shall be registered in such names and in such
authorized denominations as the Depositary for such global Security, pursuant to
instructions from its direct or indirect participants or otherwise, shall
instruct the Appropriate Trustee in writing. The Appropriate Trustee shall
deliver such Securities to the persons in whose names such Securities are so
registered. </P>
<P align=justify style="text-indent: 5%">All Securities issued upon any registration of transfer or
exchange of Securities shall be the valid obligations of the Company, evidencing
the same debt, and entitled to the same benefits under this Indenture, as the
Securities surrendered upon such registration of transfer or exchange. </P>
<P align=justify style="text-indent: 5%">Every Registered Security presented or surrendered for
registration of transfer or for exchange shall (if so required by the Company or
the Security Registrar or applicable securities transfer industry practices) be
duly endorsed, or be accompanied by a written instrument of transfer, in form
satisfactory to the Company and the Security Registrar, duly executed by the
Holder thereof or his attorney duly authorized in writing. </P>
<P align=justify style="text-indent: 5%">Any registration of transfer or exchange of Securities may be
subject to service charges by the Central Securities Registrar and the Company
may require payment of a sum sufficient to cover any tax or other governmental
charge that may be imposed in connection with any registration of transfer or
exchange of Securities, other than exchanges pursuant to Section 3.04, Section
10.06, Section 12.07 or Section 14.05 not involving any transfer. </P>
<P align=justify style="text-indent: 5%">The Company shall not be required (i) to issue, register the
transfer of or exchange Securities of any series in definitive form during a
period beginning at the opening of business 15 days before the day of the
selection for redemption of Securities of that series under Section 12.03 or
Section 13.03 and ending at the close of business on (A) if Securities of the
series are issuable only as Registered Securities, the day of the mailing of the
relevant notice of redemption and (B) if Securities of the series are issuable
as Bearer Securities, the day of the first publication of the relevant notice of
redemption or, (C) if Securities of the series are also issuable as Registered
Securities and there is no publication, the mailing of the relevant notice of
redemption, or (ii) to register the transfer of or exchange any Registered
Security in definitive form so selected for redemption in whole or in part,
except the unredeemed portion of any Security being redeemed in part, or (iii)
to exchange any Bearer Security so selected for redemption except that such a
Bearer Security may be exchanged for a Registered Security of that series and
like tenor; <U>provided</U> that such Registered Security shall be
simultaneously surrendered for redemption, or (iv) to issue, register the
transfer of or exchange any Security in definitive form which has been
surrendered for repayment at the option of the Holder, except the portion, if
any, of such Security not to be so repaid. </P>
<P align=center>- 37 - </P>
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    <TD align=left ><B>Section 3.06</B> </TD>
    <TD align=left width="85%"><B>Mutilated, Destroyed, Lost and Stolen
      Securities</B> </TD></TR></TABLE>
<P align=justify style="text-indent: 5%">If any mutilated Security or a Security with a mutilated coupon
appertaining to it is surrendered to either Trustee, the Company shall execute
and either Trustee shall authenticate and deliver in exchange therefor a new
Security of the same series and of like tenor and principal amount and bearing a
number not contemporaneously outstanding, with coupons corresponding to the
coupons, if any, appertaining to the surrendered Security, or, in case any such
mutilated Security or coupon has become or is about to become due and payable,
the Company in its discretion may, instead of issuing a new Security, with
coupons corresponding to the coupons, if any, appertaining to the surrendered
Security, pay such Security or coupon. If there shall be delivered to the
Company and to either Trustee (i) evidence to their satisfaction of the
destruction, loss or theft of any Security or coupon and (ii) such security (or
surety in the case of the Canadian Trustee) or indemnity as may be required by
them to save each of them and any agent of either of them harmless, then, in the
absence of notice to the Company or the Trustees that such Security or coupon
has been acquired by a protected purchaser (as defined in Article 8 of the UCC),
the Company shall execute and upon Company Order either Trustee shall
authenticate and deliver, in lieu of any such destroyed, lost or stolen Security
or in exchange for the Security for which a destroyed, lost or stolen coupon
appertains (with all appurtenant coupons not destroyed, lost or stolen), a new
Security of the same series and of like tenor and principal amount and bearing a
number not contemporaneously outstanding, with coupons corresponding to the
coupons, if any, appertaining to such destroyed, lost or stolen Security or to
the Security to which such destroyed, lost or stolen coupon appertains. </P>
<P align=justify style="text-indent: 5%">Notwithstanding the provisions of the previous two paragraphs,
in case any such mutilated, destroyed, lost or stolen Security or coupon has
become or is about to become due and payable, the Company in its discretion may,
instead of issuing a new Security, with coupons corresponding to the coupons, if
any, appertaining to such mutilated, destroyed, lost or stolen Security or to
the Security to which such mutilated, destroyed, lost or stolen coupon
appertains, pay such Security or coupon; <U>provided</U>, <U>however</U>, that
payment of principal of (and premium, if any) and interest, if any, on Bearer
Securities shall, except as otherwise provided in Section 11.02, be payable only
at an office or agency located outside the United States and, unless otherwise
specified as contemplated by Section 3.01, any interest on Bearer Securities
shall be payable only upon presentation and surrender of the coupons
appertaining thereto. </P>
<P align=justify style="text-indent: 5%">Upon the issuance of any new Security under this Section, the
Company may require the payment of a sum sufficient to cover any tax or other
governmental charge that may be imposed in relation thereto and any other
expenses (including the fees and expenses of the Trustees) connected therewith.
</P>
<P align=justify style="text-indent: 5%">Every new Security of any series with its coupons, if any,
issued pursuant to this Section in lieu of any mutilated, destroyed, lost or
stolen Security or in exchange for a Security to which a mutilated, destroyed,
lost or stolen coupon appertains, shall constitute an original additional
contractual obligation of the Company, whether or not the mutilated, destroyed,
lost or stolen Security and its coupons, if any, or the mutilated, destroyed,
lost or stolen coupon shall be at any time enforceable by anyone, and the
Holders of such Security shall be entitled to all the benefits of this Indenture
equally and proportionately with the Holders of any and all other Securities of
that series and their coupons, if any, duly issued hereunder. </P>
<P align=center>- 38 - </P>
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<P align=justify style="text-indent: 5%">The provisions of this Section as amended or supplemented
pursuant to this Indenture with respect to particular securities or generally
are exclusive and shall preclude (to the extent lawful) all other rights and
remedies with respect to the replacement or payment of mutilated, destroyed,
lost or stolen Securities or coupons. </P>
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    <TD align=left >
      <P><B>Section 3.07</B> </P></TD>
    <TD align=left width="85%"><B>Payment of Principal; Premium; Interest;
      Interest Rights Preserved;</B> <B>Optional Interest Reset</B>
  </TD></TR></TABLE>
<P align=justify style="text-indent: 5%">(a) Unless otherwise provided as contemplated by Section 3.01
with respect to any series of Securities, principal of, and premium, if any, and
interest, if any, on any Registered Security which is payable, and is punctually
paid or duly provided for, on any Interest Payment Date or other date in which
the principal of, and premium, if any, is payable shall be paid by the Paying
Agent to the Person in whose name such Security (or one or more Predecessor
Securities) is registered at the close of business on the Regular Record Date
for such principal, premium or interest, as the case may be, at the office or
agency of the Company maintained for such purpose pursuant to Section 11.02;
<U>provided</U>, <U>however</U>, that each installment of principal of, and
premium, if any, and interest, if any, on any Registered Security may at the
Company&#146;s option be paid by (i) mailing a check for such interest, payable to or
upon the written order of the Person entitled thereto pursuant to Section 3.08,
to the address of such Person as it appears on the Security Register or (ii)
transfer to an account located in the United States maintained by the payee of a
Holder of $2.0 million or more in aggregate principal amount of such Securities
(with wire transfer instructions provided to the Trustee not less than 15 days
prior to payment of interest by wire transfer). The Paying Agent shall confirm
in writing to the Canadian Trustee upon payment having been made to Holders of
Canadian Securities within five days. </P>
<P align=justify style="text-indent: 5%">Unless otherwise provided as contemplated by Section 3.01 with
respect to the Securities of any series, payment of interest, if any, may be
made, in the case of a Bearer Security, by transfer to an account located
outside the United States maintained by the payee. </P>
<P align=justify style="text-indent: 5%">Unless otherwise provided as contemplated by Section 3.01,
every permanent global Security will provide that interest, if any, payable on
any Interest Payment Date will be paid to the Depositary with respect to that
portion of such permanent global Security held for its account by the Common
Depositary, for the purpose of permitting the Depositary to credit the interest,
if any, received by it in respect of such permanent global Security to the
accounts of the beneficial owners thereof. </P>
<P align=justify style="text-indent: 5%">Any interest on any Registered Security of any series which is
payable, but is not punctually paid or duly provided for, on any Interest
Payment Date shall forthwith cease to be payable to the Holder on the relevant
Regular Record Date by virtue of having been such Holder, and such defaulted
interest and, if applicable, interest on such defaulted interest (to the extent
lawful) at the rate specified in the Securities of such series (such defaulted
interest and, if applicable, interest thereon herein collectively called
&#147;Defaulted Interest&#148;) must be paid by the Company as provided for in either
clause (1) or (2), at the Company&#146;s election: </P>
<TABLE
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cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(1) </TD>
    <TD>
      <P align=justify>The Company may elect to make payment of any Defaulted
      Interest to the Persons in whose names the Registered Securities of such
      series (or their respective Predecessor Securities) are registered at the
      close of business on a</P></TD></TR></TABLE>
<P align=center>- 39 - </P>
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  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Special Record Date for the payment of such Defaulted
      Interest, which shall be fixed in the following manner. The Company shall
      notify the Trustees in writing of the amount of Defaulted Interest
      proposed to be paid on each Registered Security of such series and the
      date of the proposed payment, and at the same time the Company shall
      deposit with either Trustee an amount of money in the Currency in which
      the Securities of such series are payable (except as otherwise specified
      pursuant to Section 3.01 for the Securities of such series and except, if
      applicable, as provided in Section 3.11(b), Section 3.11(d) and Section
      3.11(e)) equal to the aggregate amount proposed to be paid in respect of
      such Defaulted Interest or shall make arrangements satisfactory to the
      Trustees for such deposit on or prior to the date of the proposed payment,
      such money when deposited to be held in trust for the benefit of the
      Persons entitled to such Defaulted Interest as in this clause provided.
      Thereupon the Trustees shall fix a Special Record Date for the payment of
      such Defaulted Interest which shall be not more than 15 days and not less
      than 10 days prior to the date of the proposed payment and not less than
      10 days after the receipt by the Trustees of the notice of the proposed
      payment. The Trustees shall promptly notify the Company of such Special
      Record Date and, in the name and at the expense of the Company, shall
      cause notice of the proposed payment of such Defaulted Interest and the
      Special Record Date therefor to be given in the manner provided in Section
      1.06, not less than 10 days prior to such Special Record Date. Notice of
      the proposed payment of such Defaulted Interest and the Special Record
      Date therefor having been so given, such Defaulted Interest shall be paid
      to the Persons in whose name the Registered Securities of such series (or
      their respective Predecessor Securities) are registered at the close of
      business on such Special Record Date and shall no longer be payable
      pursuant to the following clause (2).</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(2) </TD>
    <TD>
      <P align=justify>The Company may make payment of any Defaulted Interest on
      the Registered Securities of any series in any other lawful manner not
      inconsistent with the requirements of any securities exchange on which
      such Securities may be listed, and, upon such notice as may be required by
      such exchange, if, after notice given by the Company to the Trustees of
      the proposed payment pursuant to this clause, such manner of payment shall
      be deemed practicable by the Trustees.</P></TD></TR></TABLE>
<P align=justify style="text-indent: 5%">(b) The provisions of this Subsection may be made applicable to
any series of Securities pursuant to Section 3.01 (with such modifications,
additions or substitutions as may be specified pursuant to such Section 3.01) .
The interest rate (or the spread or spread multiplier used to calculate such
interest rate, if applicable) on any Security of such series may be reset by the
Company on the date or dates specified on the face of such Security (each an
&#147;Optional Reset Date&#148;). The Company may exercise such option with respect to
such Security by notifying the Trustees of such exercise at least 50 but not
more than 60 days prior to an Optional Reset Date for such Security. Not later
than 40 days prior to each Optional Reset Date, the Trustees shall transmit, in
the manner provided for in Section 1.06, to the Holder of any such Security a
notice (the &#147;Reset Notice&#148;) indicating whether the Company has elected to reset
the interest rate (or the spread or spread multiplier used to calculate such
interest rate, if applicable), and if so (i) such new interest rate (or such new
spread or spread multiplier, if applicable) and (ii) the provisions, if any, for
redemption during the period from such Optional Reset Date to the next Optional
Reset Date or if there is no such next Optional Reset Date, to the
Stated Maturity Date of such Security (each such period a &#147;Subsequent Interest
Period&#148;), including the date or dates on which or the period or periods during
which and the price or prices at which such redemption may occur during the
Subsequent Interest Period. </P>
<P align=center>- 40 - </P>
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<P align=justify style="text-indent: 5%">Notwithstanding the foregoing, not later than 20 days prior to
the Optional Reset Date, the Company may, at its option, revoke the interest
rate (or the spread or spread multiplier used to calculate such interest rate,
if applicable) provided for in the Reset Notice and establish an interest rate
(or the spread or spread multiplier, if applicable) that is higher than the
interest rate (or the spread or spread multiplier, if applicable) provided for
in the Reset Notice, for the Subsequent Interest Period by causing the Trustees
to transmit, in the manner provided for in Section 1.06, notice of such higher
interest rate (or such higher spread or spread multiplier, if applicable) to the
Holder of such Security. Such notice shall be irrevocable. All Securities with
respect to which the interest rate (or the spread or spread multiplier used to
calculate such interest rate, if applicable) is reset on an Optional Reset Date,
and with respect to which the Holders of such Securities have not tendered such
Securities for repayment (or have validly revoked any such tender) pursuant to
the next succeeding paragraph, will bear such higher interest rate (or such
higher spread or spread multiplier, if applicable). </P>
<P align=justify style="text-indent: 5%">The Holder of any such Security will have the option to elect
repayment by the Company of the principal of such Security on each Optional
Reset Date at a price equal to the principal amount thereof plus interest
accrued to such Optional Reset Date. In order to obtain repayment on an Optional
Reset Date, the Holder must follow the procedures set forth in Article Fourteen
for repayment at the option of Holders except that the period for delivery or
notification to the Trustees shall be at least 25 but not more than 35 days
prior to such Optional Reset Date and except that, if the Holder has tendered
any Security for repayment pursuant to the Reset Notice, the Holder may, by
written notice to the Trustees, revoke such tender or repayment until the close
of business on the tenth day before such Optional Reset Date. </P>
<P align=justify style="text-indent: 5%">Subject to the foregoing provisions of this Section and Section
3.05, each Security delivered under this Indenture upon registration of transfer
of or in exchange for or in lieu of any other Security shall carry the rights to
interest accrued and unpaid, and to accrue, which were carried by such other
Security. </P>
<TABLE
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cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left ><B>Section 3.08</B> </TD>
    <TD align=left width="85%"><B>Persons Deemed Owners</B>
</TD></TR></TABLE>
<P align=justify style="text-indent: 5%">Prior to due presentment of a Registered Security for
registration of transfer, the Company, the Trustees and any agent of the Company
or the Trustees may treat the Person in whose name such Registered Security is
registered as the owner of such Registered Security for the purpose of receiving
payment of principal of (and premium, if any) and (subject to Section 3.05 and
Section 3.07) interest, if any, on such Security and for all other purposes
whatsoever (other than the payment of Additional Amounts, if any), whether or
not such Security be overdue, and none of the Company, the Trustees or any agent
of the Company or the Trustees shall be affected by notice to the contrary. </P>
<P align=justify style="text-indent: 5%">Title to any Bearer Security and any coupons appertaining
thereto shall pass by delivery. The Company, the Trustees and any agent of the
Company or the Trustees may treat the bearer of any Bearer Security and the bearer of any coupon as the
absolute owner of such Security or coupon for the purpose of receiving payment
thereof or on account thereof and for all other purposes whatsoever, whether or
not such Security or coupons be overdue, and none of the Company, the Trustees
or any agent of the Company or the Trustees shall be affected by notice to the
contrary. </P>
<P align=center>- 41 - </P>
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<P align=justify style="text-indent: 5%">The Depositary for Securities may be treated by the Company,
the Trustee, and any agent of the Company or the Trustee as the owner of such
global Security for all purposes whatsoever<B> </B>(other than the payment of
Additional Amounts, if any). None of the Company, the Trustees, any Paying Agent
or the Security Registrar will have any responsibility or liability for any
aspect of the records relating to or payments made on account of beneficial
ownership interests of a Security in global form or for maintaining, supervising
or reviewing any records relating to such beneficial ownership interests. </P>
<P align=justify style="text-indent: 5%">Notwithstanding the foregoing, with respect to any global
Security, nothing herein shall prevent the Company, the Trustees, or any agent
of the Company or the Trustees, from giving effect to any written certification,
proxy or other authorization furnished by any depositary, as a Holder, with
respect to such global Security or impair, as between such depositary and owners
of beneficial interests in such global Security, the operation of customary
practices governing the exercise of the rights of such depositary (or its
nominee) as Holder of such global Security. </P>
<TABLE
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cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left ><B>Section 3.09</B> </TD>
    <TD align=left width="85%"><B>Cancellation</B> </TD></TR></TABLE>
<P align=justify style="text-indent: 5%">All Securities and coupons surrendered for payment, redemption,
repayment at the option of the Holder, registration of transfer or exchange or
for credit against any current or future sinking fund payment shall, if
surrendered to any Person other than a Trustee, be delivered to a Trustee. All
securities and coupons so delivered to either Trustee shall be promptly
cancelled by it. The Company may at any time deliver to either Trustee for
cancellation any Securities previously authenticated and delivered hereunder
which the Company may have acquired in any manner whatsoever, and may deliver to
either Trustee (or to any other Person for delivery to such Trustee) for
cancellation any Securities previously authenticated hereunder which the Company
has not issued and sold, and all Securities so delivered shall be promptly
cancelled by such Trustee. If the Company shall so acquire any of the
Securities, however, such acquisition shall not operate as a redemption or
satisfaction of the indebtedness represented by such Securities unless and until
the same are surrendered to a Trustee for cancellation. No Securities shall be
authenticated in lieu of or in exchange for any Securities cancelled as provided
in this Section, except as expressly permitted by this Indenture. All cancelled
Securities held by a Trustee shall be disposed of by such Trustee in accordance
with its customary procedures and certification of their disposal delivered to
the Company unless by Company Order the Company shall direct that cancelled
Securities be returned to it. </P>
<TABLE
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cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left ><B>Section 3.10</B> </TD>
    <TD align=left width="85%"><B>Computation of Interest</B>
</TD></TR></TABLE>
<P align=justify style="text-indent: 5%">Except as otherwise specified as contemplated by Section 3.01
with respect to any Securities, interest, if any, on the Securities of each
series shall be computed on the basis of a 360-day year of twelve 30-day months.
For the purposes of disclosure under the <I>Interest Act</I> (Canada), the
yearly rate of interest to which interest calculated under a Security for any
period in any calendar year (the &#147;calculation period&#148;) is equivalent,
is the rate payable under a Security in respect of the calculation period
multiplied by a fraction the numerator of which is the actual number of days in
such calendar year and the denominator of which is the actual number of days in
the calculation period. If the Canadian Trustee is appointed Paying Agent, it
shall be entitled to rely on the calculations to be provided by the Company. </P>
<P align=center>- 42 - </P>
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<TABLE
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  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="85%">&nbsp;</TD></TR>

  <TR vAlign=top>
    <TD align=left ><B>Section 3.11</B> </TD>
    <TD align=left width="85%"><B>Currency and Manner of Payments in Respect
      of Securities</B> </TD></TR></TABLE>
<P align=justify style="text-indent: 5%">(a) With respect to Registered Securities of any series not
permitting the election provided for in paragraph (b) below or the Holders of
which have not made the election provided for in paragraph (b) below, and with
respect to Bearer Securities of any series, except as provided in paragraph (d)
below, payment of the principal of (and premium, if any) and interest, if any,
on any Registered or Bearer Security of such series will be made in the Currency
in which such Registered Security or Bearer Security, as the case may be, is
payable. The provisions of this Section may be modified or superseded with
respect to any Securities pursuant to Section 3.01. </P>
<P align=justify style="text-indent: 5%">(b) It may be provided pursuant to Section 3.01 with respect to
Registered Securities of any series that Holders shall have the option, subject
to paragraphs (d) and (e) below, to receive payments of principal of (or
premium, if any) or interest, if any, on such Registered Securities in any of
the Currencies which may be designated for such election by delivering to the
Trustees a written election with signature guarantees and in the applicable form
established pursuant to Section 3.01, not later than the close of business on
the Election Date immediately preceding the applicable payment date. If the
Canadian Trustee or the U.S. Trustee is appointed Paying Agent, the ability to
receive payments of principal of (or premium, if any) or interest, if any in the
Currency designated for election will be subject to the Canadian Trustee&#146;s or
the U.S. Trustee&#146;s ability, as Paying Agent, to accommodate payment in the
Currency elected. If a Holder so elects to receive such payments in any such
Currency, such election will remain in effect for such Holder or any transferee
of such Holder until changed by such Holder or such transferee by written notice
to the Trustees (but any such change must be made not later than the close of
business on the Election Date immediately preceding the next payment date to be
effective for the payment to be made on such payment date and no such change of
election may be made with respect to payments to be made on any Registered
Security of such series with respect to which an Event of Default has occurred
or with respect to which the Company has deposited funds pursuant to Articles
Four or Fifteen or with respect to which a notice of redemption has been given
by the Company or a notice of option to elect repayment has been sent by such
Holder or such transferee). Any Holder of any such Registered Security who shall
not have delivered any such election to the Trustees not later than the close of
business on the applicable Election Date will be paid the amount due on the
applicable payment date in the relevant Currency as provided in Section 3.11(a)
.. The Trustees shall notify the Exchange Rate Agent as soon as practicable after
the Election Date of the aggregate principal amount of Registered Securities for
which Holders have made such written election. </P>
<P align=justify style="text-indent: 5%">(c) Unless otherwise specified pursuant to Section 3.01, if the
election referred to in paragraph (b) above has been provided for pursuant to
Section 3.01, then, unless otherwise specified pursuant to Section 3.01, not
later than the fourth Business Day after the Election Date for each payment date
for Registered Securities of any series, the Exchange Rate Agent will deliver to the Company a written notice specifying, in the
Currency in which Registered Securities of such series are payable, the
respective aggregate amounts of principal of (and premium, if any) and interest,
if any, on the Registered Securities to be paid on such payment date, specifying
the amounts in such Currency so payable in respect of the Registered Securities
as to which the Holders of Registered Securities of such series shall have
elected to be paid in another currency as provided in paragraph (b) above. If
the election referred to in paragraph (b) above has been provided for pursuant
to Section 3.01 and if at least one Holder has made such election, then, unless
otherwise specified pursuant to Section 3.01, on the seventh Business Day
preceding such payment date the Company will deliver to the Trustees for such
series of Registered Securities an Exchange Rate Officers&#146; Certificate in
respect of the Dollar or Foreign Currency payments to be made on such payment
date. Unless otherwise specified pursuant to Section 3.01, the Dollar or Foreign
Currency amount receivable by Holders of Registered Securities who have elected
payment in a Currency as provided in paragraph (b) above shall be determined by
the Company on the basis of the applicable Market Exchange Rate in effect on the
eighth Business Day (the &#147;Valuation Date&#148;) immediately preceding each payment
date, and such determination shall be conclusive and binding for all purposes,
absent manifest error. </P>
<P align=center>- 43 - </P>
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<P align=justify style="text-indent: 5%">(d) If a Conversion Event occurs with respect to a Foreign
Currency in which any of the Securities are denominated or payable other than
pursuant to an election provided for pursuant to paragraph (b) above, then, with
respect to each date for the payment of principal of (and premium, if any) and
interest, if any, on the applicable Securities denominated or payable in such
Foreign Currency occurring after the last date on which such Foreign Currency
was used (the &#147;Conversion Date&#148;), the Dollar shall be the Currency of payment
for use on each such payment date. Unless otherwise specified pursuant to
Section 3.01, the Dollar amount to be paid by the Company to the Trustees and by
the Trustees or any Paying Agent to the Holders of such Securities with respect
to such payment date shall be, in the case of a Foreign Currency other than a
currency unit, the Dollar Equivalent of the Foreign Currency or, in the case of
a currency unit, the Dollar Equivalent of the Currency Unit, in each case as
determined by the Exchange Rate Agent in the manner provided in paragraph (f) or
(g) below. </P>
<P align=justify style="text-indent: 5%">(e) Unless otherwise specified pursuant to Section 3.01, if the
Holder of a Registered Security denominated in any Currency shall have elected
to be paid in another Currency as provided in paragraph (b) above, and a
Conversion Event occurs with respect to such elected Currency, such Holder shall
receive payment in the Currency in which payment would have been made in the
absence of such election; and if a Conversion Event occurs with respect to the
Currency in which payment would have been made in the absence of such election,
such Holder shall receive payment in Dollars as provided in paragraph (d) above.
</P>
<P align=justify style="text-indent: 5%">(f) The &#147;Dollar Equivalent of the Foreign Currency&#148; shall be
determined by the Exchange Rate Agent and shall be obtained for each subsequent
payment date by converting the specified Foreign Currency into Dollars at the
Market Exchange Rate on the Conversion Date. </P>
<P align=justify style="text-indent: 5%">(g) The &#147;Dollar Equivalent of the Currency Unit&#148; shall be
determined by the Exchange Rate Agent and subject to the provisions of paragraph
(h) below shall be the sum of each amount obtained by converting the Specified
Amount of each Component Currency into Dollars at the Market Exchange Rate for
such Component Currency on the Valuation Date with respect to each payment. </P>
<P align=center>- 44 - </P>
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<P align=justify style="text-indent: 5%">(h) For purposes of this Section the
following terms shall have the following meanings: </P>
<P align=justify style="text-indent: 5%">A &#147;Component Currency&#148; shall mean any
Currency which, on the Conversion Date, was a component currency of the relevant
currency unit, including, but not limited to, the Euro. </P>
<P align=justify style="text-indent: 5%">A &#147;Specified Amount&#148; of a Component Currency shall mean the
number of units of such Component Currency or fractions thereof which were
represented in the relevant currency unit, including, but not limited to, the
Euro, on the Conversion Date. If after the Conversion Date the official unit of
any Component Currency is altered by way of combination or subdivision, the
Specified Amount of such Component Currency shall be divided or multiplied in
the same proportion. If after the Conversion Date two or more Component
Currencies are consolidated into a single currency, the respective Specified
Amounts of such Component Currencies shall be replaced by an amount in such
single Currency equal to the sum of the respective Specified Amounts of such
consolidated Component Currencies expressed in such single Currency, and such
amount shall thereafter be a Specified Amount and such single Currency shall
thereafter be a Component Currency. If after the Conversion Date any Component
Currency shall be divided into two or more currencies, the Specified Amount of
such Component Currency shall be replaced by amounts of such two or more
currencies, having an aggregate Dollar Equivalent value at the Market Exchange
Rate on the date of such replacement equal to the Dollar Equivalent value of the
Specified Amount of such former Component Currency at the Market Exchange Rate
immediately before such division and such amounts shall thereafter be Specified
Amounts and such currencies shall thereafter be Component Currencies. If, after
the Conversion Date of the relevant currency unit, including, but not limited
to, the Euro, a Conversion Event (other than any event referred to above in this
definition of &#147;Specified Amount&#148;) occurs with respect to any Component Currency
of such currency unit and is continuing on the applicable Valuation Date, the
Specified Amount of such Component Currency shall, for purposes of calculating
the Dollar Equivalent of the Currency Unit, be converted into Dollars at the
Market Exchange Rate in effect on the Conversion Date of such Component
Currency. </P>
<P align=justify style="text-indent: 5%">&#147;Election Date&#148; shall mean the date for any series of
Registered Securities as specified pursuant to clause (15) of Section 3.01 by
which the written election referred to in paragraph (b) above may be made. </P>
<P align=justify style="text-indent: 5%">All decisions and determinations of the Exchange Rate Agent
regarding the Dollar Equivalent of the Foreign Currency, the Dollar Equivalent
of the Currency Unit, the Market Exchange Rate and changes in the Specified
Amounts as specified above shall be in its sole discretion and shall, in the
absence of manifest error, be conclusive for all purposes and irrevocably
binding upon the Company, the Trustees and all Holders of such Securities
denominated or payable in the relevant Currency. The Exchange Rate Agent shall
promptly give written notice to the Company and the Trustees of any such
decision or determination. </P>
<P align=justify style="text-indent: 5%">In the event that the Company determines in good faith that a
Conversion Event has occurred with respect to a Foreign Currency, the Company
will immediately give written notice thereof to the Trustees and to the Exchange
Rate Agent (and the Trustees will promptly thereafter give notice in the manner
provided for in Section 1.06 to the affected Holders) specifying the Conversion
Date. In the event the Company so determines that a Conversion Event has occurred with respect to the Euro or any other
currency unit in which Securities are denominated or payable, the Company will
immediately give written notice thereof to the Trustees and to the Exchange Rate
Agent (and the Trustees will promptly thereafter give notice in the manner
provided for in Section 1.06 to the affected Holders) specifying the Conversion
Date and the Specified Amount of each Component Currency on the Conversion Date.
In the event the Company determines in good faith that any subsequent change in
any Component Currency as set forth in the definition of Specified Amount above
has occurred, the Company will similarly give written notice to the Trustees and
the Exchange Rate Agent. </P>
<P align=center>- 45 - </P>
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<P align=justify style="text-indent: 5%">The Trustees shall be fully justified and protected in relying
and acting upon information received by it from the Company and the Exchange
Rate Agent and shall not otherwise have any duty or obligation to determine the
accuracy or validity of such information independent of the Company or the
Exchange Rate Agent. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left ><B>Section 3.12</B> </TD>
    <TD align=left width="85%"><B>Appointment and Resignation of Successor
      Exchange Rate Agent</B> </TD></TR></TABLE>
<P align=justify style="text-indent: 5%">(a) Unless otherwise specified pursuant to Section 3.01, if and
so long as the Securities of any series (i) are denominated in a Currency other
than Dollars or (ii) may be payable in a Currency other than Dollars, or so long
as it is required under any other provision of this Indenture, then the Company
will maintain with respect to each such series of Securities, or as so required,
at least one Exchange Rate Agent. The Company will cause the Exchange Rate Agent
to make the necessary foreign exchange determinations at the time and in the
manner specified pursuant to Section 3.01 for the purpose of determining the
applicable rate of exchange and, if applicable, for the purpose of converting
the issued Currency into the applicable payment Currency for the payment of
principal (and premium, if any) and interest, if any, pursuant to Section 3.11.
</P>
<P align=justify style="text-indent: 5%">(b) The Company shall have the right to remove and replace from
time to time the Exchange Rate Agent for any series of Securities. No
resignation of the Exchange Rate Agent and no appointment of a successor
Exchange Rate Agent pursuant to this Section shall become effective until the
acceptance of appointment by the successor Exchange Rate Agent as evidenced by a
written instrument delivered to the Company and the Trustees. </P>
<P align=justify style="text-indent: 5%">(c) If the Exchange Rate Agent shall resign, be removed or
become incapable of acting, or if a vacancy shall occur in the office of the
Exchange Rate Agent for any cause with respect to the Securities of one or more
series, the Company, by or pursuant to a Board Resolution, shall promptly
appoint a successor Exchange Rate Agent or Exchange Rate Agents with respect to
the Securities of that or those series (it being understood that any such
successor Exchange Rate Agent may be appointed with respect to the Securities of
one or more or all of such series and that, unless otherwise specified pursuant
to Section 3.01, at any time there shall only be one Exchange Rate Agent with
respect to the Securities of any particular series that are originally issued by
the Company on the same date and that are initially denominated and/or payable
in the same Currency). </P>
<P align=center>- 46 - </P>
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<P align=center>ARTICLE FOUR <BR>SATISFACTION AND DISCHARGE </P>
<TABLE
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cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left ><B>Section 4.01</B> </TD>
    <TD align=left width="85%"><B>Satisfaction and Discharge of Indenture</B>
    </TD></TR></TABLE>
<P align=justify style="text-indent: 5%">This Indenture shall upon Company Request cease to be of
further effect with respect to any series of Securities specified in such
Company Request (except as to any surviving rights of registration of transfer
or exchange of Securities of such series expressly provided for herein or
pursuant hereto and any right to receive Additional Amounts as contemplated by
Section 11.05) and the Trustees, at the expense of the Company, shall execute
proper instruments acknowledging satisfaction and discharge of this Indenture as
to such series when </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">&nbsp;</TD>
    <TD vAlign=top width="5%">(1) </TD>
    <TD>
      <P align=justify>either</P></TD></TR></TABLE>
<P align=justify style="text-indent: 5%">(a) all Securities of such series theretofore authenticated and
delivered and all coupons, if any, appertaining thereto (other than (i) coupons
appertaining to Bearer Securities surrendered for exchange for Registered
Securities and maturing after such exchange, whose surrender is not required or
has been waived as provided in Section 3.05, (ii) Securities and coupons of such
series which have been destroyed, lost or stolen and which have been replaced or
paid as provided in Section 3.06, (iii) coupons appertaining to Securities
called for redemption and maturing after the relevant Redemption Date, whose
surrender has been waived as provided in Section 12.06, and (iv) Securities and
coupons of such series for whose payment money has theretofore been deposited in
trust with either Trustee or any Paying Agent or segregated and held in trust by
the Company and thereafter repaid to the Company, as provided in Section 11.03)
have been delivered to either Trustee for cancellation; or </P>
<P align=justify style="text-indent: 5%">(b) all Securities of such series and, in the case of (i) or
(ii) below, any coupons appertaining thereto not theretofore delivered to either
Trustee for cancellation </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="10%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>have become due and payable, or</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>will become due and payable at their Stated Maturity
      within one year, or</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(iii) </TD>
    <TD>
      <P align=justify>if redeemable at the option of the Company, are to be
      called for redemption within one year under arrangements satisfactory to
      the Trustees for the giving of notice of redemption by the Trustees in the
      name, and at the expense, of the Company,</P></TD></TR></TABLE>
<P align=justify style="text-indent: 5%">and the Company, in the case of (i), (ii) or (iii) above, has
irrevocably deposited or caused to be deposited with either Trustee as trust
funds in trust for such purpose an amount in the Currency in which the
Securities of such series are payable, sufficient to pay and discharge the
entire indebtedness on such Securities not theretofore delivered to such Trustee
for cancellation, for principal (and premium, if any), interest, if any, and
Additional Amounts, if any, to the date of such deposit (in the case of
Securities which have become due and payable) or to the Stated Maturity or
Redemption Date, as the case may be; </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(2) </TD>
    <TD>
      <P align=justify>the Company has paid or caused to be paid all other sums
      payable hereunder by the Company; and</P></TD></TR></TABLE>
<P align=center>- 47 - </P>
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<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(3) </TD>
    <TD>
      <P align=justify>the Company has delivered to the Trustees an Officers&#146;
      Certificate and an Opinion of Counsel, each stating that all conditions
      precedent herein provided for relating to the satisfaction and discharge
      of this Indenture as to such series have been complied
  with.</P></TD></TR></TABLE>
<P align=justify style="text-indent: 5%">Notwithstanding the satisfaction and discharge of this
Indenture, the obligations of the Company to the Trustees under Section 7.07,
the obligations of the Trustees to any Authenticating Agent under Section 7.12
and, if money shall have been deposited with the Trustees pursuant to subclause
(b) of clause (1) of this Section, the obligations of the Trustees under Section
4.02 and the last paragraph of Section 11.03 shall survive. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left ><B>Section 4.02</B> </TD>
    <TD align=left width="85%"><B>Application of Trust Money</B>
</TD></TR></TABLE>
<P align=justify style="text-indent: 5%">Subject to the provisions of the last paragraph of Section
11.03, all money deposited with the Trustees pursuant to Section 4.01 shall be
held in trust and applied by it, in accordance with the provisions of the
Securities, the coupons and this Indenture, to the payment, either directly or
through any Paying Agent (including the Company acting as its own Paying Agent)
as the Trustees may determine, to the Persons entitled thereto, of the principal
(and premium, if any) and interest, if any, for whose payment such money has
been deposited with the Trustees; but such money need not be segregated from
other funds except to the extent required by law. </P>
<P align=center>ARTICLE FIVE <BR>SUBORDINATION OF THE SECURITIES </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left ><B>Section 5.01</B> </TD>
    <TD align=left width="85%"><B>Agreement to Subordinate</B>
</TD></TR></TABLE>
<P align=justify style="text-indent: 5%">In the event a series of Securities is designated as
subordinated pursuant to Section 3.01, and except as otherwise provided in an
Officer&#146;s Certificate or in one or more indentures supplemental hereto, the
Company, for itself, its successors and assigns, covenants and agrees, and each
Holder of Securities of such series by his, her or its acceptance thereof,
likewise covenants and agrees, that the payment of the principal of (and
premium, if any) and interest, if any, on each and all of the Securities of such
series is hereby expressly subordinated, to the extent and in the manner
hereinafter set forth, in right of payment to the prior payment in full of all
Senior Indebtedness. In the event a series of Securities is not designated as
subordinated pursuant to Section 3.01, this Article Five shall have no effect
upon the Securities. </P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left ><B>Section 5.02</B> </TD>
    <TD align=left width="85%"><B>Distribution on Dissolution,</B>
      <B>Liquidation</B> <B>and</B> <B>Reorganization;</B> <B>Subrogation of
      Securities</B> </TD></TR></TABLE></DIV>
<P align=justify style="text-indent: 5%">Subject to Section 5.01, upon any distribution of assets of the
Company upon any dissolution, winding up, liquidation or reorganization of the
Company, whether in bankruptcy, insolvency, reorganization or receivership
proceedings or upon an assignment for the benefit of creditors or any other
marshalling of the assets and liabilities of the Company or otherwise (subject
to the power of a court of competent jurisdiction to make other equitable
provision reflecting the rights conferred in this Indenture upon the Senior
Indebtedness and the holders thereof with respect to the Securities and the
holders thereof by a lawful plan of reorganization under applicable bankruptcy
law): </P>
<P align=center>- 48 - </P>
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<P align=justify style="text-indent: 5%">(a) the holders of all Senior Indebtedness shall be entitled to
receive payment in full of the principal thereof (and premium, if any) and
interest due thereon before the Holders of the Securities are entitled to
receive any payment upon the principal (or premium, if any) or interest, if any,
on Indebtedness evidenced by the Securities; </P>
<P align=justify style="text-indent: 5%">(b) any payment or distribution of assets of the Company of any
kind or character, whether in cash, property or securities, to which the Holders
of the Securities or the Trustee would be entitled except for the provisions of
this Article Five shall be paid by the liquidation trustee or agent or other
Person making such payment or distribution, whether a trustee in bankruptcy, a
receiver or liquidating trustee or otherwise, directly to the holders of Senior
Indebtedness or their representative or representatives or to the trustee or
trustees under any indenture under which any instruments evidencing any of such
Senior Indebtedness may have been issued, ratably according to the aggregate
amounts remaining unpaid on account of the principal of (and premium, if any)
and interest, if any, on the Senior Indebtedness held or represented by each, to
the extent necessary to make payment in full of all Senior Indebtedness
remaining unpaid, after giving effect to any concurrent payment or distribution
to the holders of such Senior Indebtedness; and </P>
<P align=justify style="text-indent: 5%">(c) in the event that, notwithstanding the foregoing, any
payment or distribution of assets of the Company of any kind or character,
whether in cash, property or securities prohibited by the foregoing, shall be
received by the Trustee or the Holders of the Securities before all Senior
Indebtedness is paid in full, such payment or distribution shall be paid over,
upon written notice to a Responsible Officer of the Trustee, to the holder of
such Senior Indebtedness or his, her or its representative or representatives or
to the trustee or trustees under any indenture under which any instrument
evidencing any of such Senior Indebtedness may have been issued, ratably as
aforesaid, as calculated by the Company, for application to payment of all
Senior Indebtedness remaining unpaid until all such Senior Indebtedness shall
have been paid in full, after giving effect to any concurrent payment or
distribution to the holders of such Senior Indebtedness. </P>
<P align=justify style="text-indent: 5%">(d) Subject to the payment in full of all Senior Indebtedness,
the Holders of the Securities shall be subrogated to the rights of the holders
of Senior Indebtedness (to the extent that distributions otherwise payable to
such holder have been applied to the payment of Senior Indebtedness) to receive
payments or distributions of cash, property or securities of the Company
applicable to Senior Indebtedness until the principal of (and premium, if any)
and interest, if any, on the Securities shall be paid in full and no such
payments or distributions to the Holders of the Securities of cash, property or
securities otherwise distributable to the holders of Senior Indebtedness shall,
as between the Company, its creditors other than the holders of Senior
Indebtedness, and the Holders of the Securities be deemed to be a payment by the
Company to or on account of the Securities. It is understood that the provisions
of this Article Five are and are intended solely for the purpose of defining the
relative rights of the Holders of the Securities, on the one hand, and the
holders of the Senior Indebtedness, on the other hand. Nothing contained in this
Article Five or elsewhere in this Indenture or in the Securities is intended to
or shall impair, as between the Company, its creditors other than the holders of
Senior Indebtedness, and the Holders of the Securities, the obligation of the
Company, which is unconditional and absolute, to pay to the Holders of the
Securities the principal of (and premium, if any) and interest, if any, on the
Securities as and when the same shall become due and payable in accordance with
their terms, or to affect the relative rights of the Holders of the Securities
and creditors of the Company other than the holders of Senior
Indebtedness, nor shall anything herein or in the Securities prevent the Trustee
or the Holder of any Security from exercising all remedies otherwise permitted
by applicable law upon default under this Indenture, subject to the rights, if
any, under this Article Five of the holders of Senior Indebtedness in respect of
cash, property or securities of the Company received upon the exercise of any
such remedy. Upon any payment or distribution of assets of the Company referred
to in this Article Five, the Trustee, subject to the provisions of Section 5.05,
shall be entitled to conclusively rely upon a certificate of the liquidating
trustee or agent or other person making any distribution to the Trustee for the
purpose of ascertaining the Persons entitled to participate in such
distribution, the holders of Senior Indebtedness and other indebtedness of the
Company, the amount thereof or payable thereon, the amount or amounts paid or
distributed thereof and all other facts pertinent thereto or to this Article
Five. </P>
<P align=center>- 49 - </P>
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<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="85%">&nbsp;</TD></TR>

  <TR vAlign=top>
    <TD align=left ><B>Section 5.03</B> </TD>
    <TD align=left width="85%"><B>No Payment on Securities in Event of Default
      on Senior Indebtedness</B> </TD></TR></TABLE>
<P align=justify style="text-indent: 5%">Subject to Section 5.01, no payment by the Company on account
of principal of (or premium, if any), sinking funds or interest, if any, on the
Securities shall be made at any time if: (a) a default on Senior Indebtedness
exists that permits the holders of such Senior Indebtedness to accelerate its
maturity and (b) the default is the subject of judicial proceedings or the
Company has received notice of such default. The Company may resume payments on
the Securities when full payment of amounts then due for principal of (premium,
if any), sinking funds and interest, if any, on Senior Indebtedness has been
made or duly provided for in money or money&#146;s worth. </P>
<P align=justify style="text-indent: 5%">In the event that, notwithstanding the foregoing, any payment
shall be received by the Trustee when such payment is prohibited by the
preceding paragraph of this Section 5.03, such payment shall be held in trust
for the benefit of, and shall be paid over or delivered to, the holders of such
Senior Indebtedness or their respective representatives, or to the trustee or
trustees under any indenture pursuant to which any of such Senior Indebtedness
may have been issued, as their respective interests may appear, as calculated by
the Company, but only to the extent that the holders of such Senior Indebtedness
(or their representative or representatives or a trustee) notify the Trustee in
writing within 90 days of such payment of the amounts then due and owing on such
Senior Indebtedness and only the amounts specified in such notice to the Trustee
shall be paid to the holders of such Senior Indebtedness. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left ><B>Section 5.04</B> </TD>
    <TD align=left width="85%"><B>Payments on Securities Permitted</B>
  </TD></TR></TABLE>
<P align=justify style="text-indent: 5%">Subject to Section 5.01, nothing contained in this Indenture or
in any of the Securities shall (a) affect the obligation of the Company to make,
or prevent the Company from making, at any time except as provided in Sections
5.02 and 15.03, payments of principal of (or premium, if any) or interest, if
any, on the Securities or (b) prevent the application by the Trustee of any
moneys or assets deposited with it hereunder to the payment of or on account of
the principal of (or premium, if any) or interest, if any, on the Securities,
unless a Responsible Officer of the Trustee shall have received at its Corporate
Trust Office written notice of any fact prohibiting the making of such payment
from the Company or from the holder of any Senior Indebtedness or from the trustee for any such holder, together with proof
satisfactory to the Trustee of such holding of Senior Indebtedness or of the
authority of such trustee more than two Business Days prior to the date fixed
for such payment. </P>
<P align=center>- 50 - </P>
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noShade SIZE=5>
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<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="85%">&nbsp;</TD></TR>

  <TR vAlign=top>
    <TD align=left ><B>Section 5.05</B> </TD>
    <TD align=left width="85%"><B>Authorization of Securityholders to Trustee
      to Effect Subordination</B> </TD></TR></TABLE>
<P align=justify style="text-indent: 5%">Subject to Section 5.01, each Holder of Securities by his
acceptance thereof authorizes and directs the Trustee on his, her or its behalf
to take such action as may be necessary or appropriate to effectuate the
subordination as provided in this Article Five and appoints the Trustee his
attorney-in- fact for any and all such purposes. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left ><B>Section 5.06</B> </TD>
    <TD align=left width="85%"><B>Notice to Trustee</B> </TD></TR></TABLE>
<P align=justify style="text-indent: 5%">The Company shall give prompt written notice to a Responsible
Officer of the Trustee of any fact known to the Company that would prohibit the
making of any payment of monies or assets to or by the Trustee in respect of the
Securities of any series pursuant to the provisions of this Article Five.
Subject to Section 5.01, notwithstanding the provisions of this Article Five or
any other provisions of this Indenture, neither the Trustee nor any Paying Agent
(other than the Company) shall be charged with knowledge of the existence of any
Senior Indebtedness or of any fact which would prohibit the making of any
payment of moneys or assets to or by the Trustee or such Paying Agent, unless
and until a Responsible Officer of the Trustee or such Paying Agent shall have
received (in the case of a Responsible Officer of the Trustee, at the Corporate
Trust Office of the Trustee) written notice thereof from the Company or from the
holder of any Senior Indebtedness or from the trustee for any such holder,
together with proof satisfactory to the Trustee of such holding of Senior
Indebtedness or of the authority of such trustee and, prior to the receipt of
any such written notice, the Trustee shall be entitled in all respects
conclusively to presume that no such facts exist; provided, however, that if at
least two Business Days prior to the date upon which by the terms hereof any
such moneys or assets may become payable for any purpose (including, without
limitation, the payment of either the principal of (or premium, if any) or
interest, if any, on any Security) a Responsible Officer of the Trustee shall
not have received with respect to such moneys or assets the notice provided for
in this Section 5.06, then, anything herein contained to the contrary
notwithstanding, the Trustee shall have full power and authority to receive such
moneys or assets and to apply the same to the purpose for which they were
received, and shall not be affected by any notice to the contrary which may be
received by it within two Business Days prior to such date. The Trustee shall be
entitled to rely on the delivery to it of a written notice by a Person
representing himself to be a holder of Senior Indebtedness (or a trustee on
behalf of such holder) to establish that such a notice has been given by a
holder of Senior Indebtedness or a trustee on behalf of any such holder. In the
event that the Trustee determines in good faith that further evidence is
required with respect to the right of any Person as a holder of Senior
Indebtedness to participate in any payment or distribution pursuant to this
Article Five, the Trustee may request such Person to furnish evidence to the
reasonable satisfaction of the Trustee as to the amount of Senior Indebtedness
held by such Person, the extent to which such Person is entitled to participate
in such payment or distribution and any other facts pertinent to the rights of
such Person under this Article Five and, if such evidence is not furnished, the
Trustee may defer any payment to such Person pending judicial determination as
to the right of such Person to receive such payment. </P>
<P align=center>- 51 - </P>
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noShade SIZE=5>
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<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left ><B>Section 5.07</B> </TD>
    <TD align=left width="85%"><B>Trustee as Holder of Senior Indebtedness</B>
    </TD></TR></TABLE>
<P align=justify style="text-indent: 5%">Subject to Section 5.01, the Trustee in its individual capacity
shall be entitled to all the rights set forth in this Article Five in respect of
any Senior Indebtedness at any time held by it to the same extent as any other
holder of Senior Indebtedness and nothing in this Indenture shall be construed
to deprive the Trustee of any of its rights as such holder. Nothing in this
Article Five shall apply to claims of, or payments to, the Trustee under or
pursuant to Sections 6.06 or 7.07. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left ><B>Section 5.08</B> </TD>
    <TD align=left width="85%"><B>Modifications of Terms of Senior
      Indebtedness</B> </TD></TR></TABLE>
<P align=justify style="text-indent: 5%">Subject to Section 5.01, any renewal or extension of the time
of payment of any Senior Indebtedness or the exercise by the holders of Senior
Indebtedness of any of their rights under any instrument creating or evidencing
Senior Indebtedness, including, without limitation, the waiver of default
thereunder, may be made or done all without notice to or assent from the Holders
of the Securities or the Trustee. No compromise, alteration, amendment,
modification, extension, renewal or other change of, or waiver, consent or other
action in respect of, any liability or obligation under or in respect of, or of
any of the terms, covenants or conditions of any indenture or other instrument
under which any Senior Indebtedness is outstanding or of such Senior
Indebtedness, whether or not such release is in accordance with the provisions
of any applicable document, shall in any way alter or affect any of the
provisions of this Article Five or of the Securities relating to the
subordination thereof. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left ><B>Section 5.09</B> </TD>
    <TD align=left width="85%"><B>Reliance on Judicial Order or Certificate
      Liquidating Agent</B> </TD></TR></TABLE>
<P align=justify style="text-indent: 5%">Subject to Section 5.01, upon any payment or distribution of
assets of the Company referred to in this Article Five, the Trustee and the
Holders of the Securities shall be entitled to conclusively rely upon any order
or decree entered by any court of competent jurisdiction in which such
insolvency, bankruptcy, receivership, liquidation, reorganization, dissolution,
winding up or similar case or proceeding is pending, or a certificate of the
trustee in bankruptcy, liquidating trustee, custodian, receiver, assignee for
the benefit of creditors, agent or other person making such payment or
distribution, delivered to the Trustee or to the Holders of Securities, for the
purpose of ascertaining the Persons entitled to participate in such payment or
distribution, the holders of Senior Indebtedness and other indebtedness of the
Company, the amount thereof or payable thereon, the amount or amounts paid or
distributed thereon and all other facts pertinent thereto or to this Article
Five. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left ><B>Section 5.10</B> </TD>
    <TD align=left width="85%"><B>Satisfaction and Discharge; Defeasance and
      Covenant Defeasance</B> </TD></TR></TABLE>
<P align=justify style="text-indent: 5%">Subject to Section 5.01, amounts and Government Obligations
deposited in trust with the Trustee pursuant to and in accordance with Article
Fifteen and not, at the time of such deposit, prohibited to be deposited under
Sections 5.02 or 5.03 shall not be subject to this Article Five. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left ><B>Section 5.11</B> </TD>
    <TD align=left width="85%"><B>Trustee Not Fiduciary for Holders of Senior
      Indebtedness</B> </TD></TR></TABLE>
<P align=justify style="text-indent: 5%">With respect to the holders of Senior Indebtedness, the Trustee
undertakes to perform or observe only such of its covenants and obligations as
are specifically set forth in this Article Five, and no implied covenants or
obligations with respect to the holders of Senior Indebtedness shall be read into this Indenture against the Trustee. The
Trustee shall not be deemed to owe any fiduciary duty to the holders of Senior
Indebtedness. The Trustee shall not be liable to any such holder if it shall pay
over or distribute to or on behalf of Holders of Securities or the Company, or
any other Person, moneys or assets to which any holder of Senior Indebtedness
shall be entitled by virtue of this Article Five or otherwise. </P>
<P align=center>- 52 - </P>
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<P align=center>ARTICLE SIX <BR>REMEDIES </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left ><B>Section 6.01</B> </TD>
    <TD align=left width="85%"><B>Events of Default</B> </TD></TR></TABLE>
<P align=justify style="text-indent: 5%">&#147;Event of Default&#148;, wherever used herein with respect to
Securities of any series, means any one of the following events (whatever the
reason for such Event of Default and whether it shall be voluntary or
involuntary or be effected by operation of law or pursuant to any judgment,
decree or order of any court or any order, rule or regulation of any
administrative or governmental body), unless such event is specifically deleted
or modified in or pursuant to a supplemental indenture, Board Resolution or
Officers&#146; Certificate establishing the terms of such series pursuant to Section
3.01 of this Indenture: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(1) </TD>
    <TD>
      <P align=justify>default in the payment of any interest (including
      Additional Amounts) due on any Security of that series, or any related
      coupon (including Additional Amounts), when such interest or coupon
      becomes due and payable, and continuance of such default for a period of
      30 days; or</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(2) </TD>
    <TD>
      <P align=justify>default in the payment of the principal (or premium, if
      any), or any Additional Amounts in respect of any Security of that series
      at its Maturity; or</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(3) </TD>
    <TD>
      <P align=justify>default in the deposit of any sinking fund, amortization
      or analogous payment when due by the terms of any Security of that series
      and Article Thirteen; or</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(4) </TD>
    <TD>
      <P align=justify>default in the performance, or breach, of any covenant or
      agreement of the Company in this Indenture which affects or is applicable
      to the Securities of that series, and continuance of such default or
      breach for a period of 90 days after there has been given, by registered
      or certified mail, to the Company by the Trustees or to the Company and
      the Trustees by the Holders of at least 25% in principal amount of all
      Outstanding Securities of that series a written notice specifying such
      default or breach and requiring it to be remedied and stating that such
      notice is a &#147;Notice of Default&#148; hereunder; or</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" ></TD>
    <TD vAlign=top width="5%">(5) </TD>
    <TD>
      <P align=justify>the entry of a decree or order by a court having
      jurisdiction in the premises adjudging the Company bankrupt or insolvent,
      or approving as properly filed a petition seeking reorganization,
      arrangement, adjustment or composition of or in respect of the Company
      under or subject to the <I>Bankruptcy and Insolvency Act </I>(Canada), the
      <I>Companies&#146; Creditors Arrangement Act </I>(Canada), the U.S. <I>Federal
      Bankruptcy Code </I>or any other federal, provincial, state or foreign
      bankruptcy, insolvency or analogous laws, or the issuance of a
      sequestration order or the (appointment of a receiver, liquidator,
      assignee, trustee, sequestrator (or other similar official) of the Company
      or in receipt of any substantial part of the property of the Company, and any such decree, order or
      appointment continues unstayed and in effect for a period of 90
      consecutive days; or</P></TD></TR></TABLE>
<P align=center>- 53 - </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_55></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(6) </TD>
    <TD>
      <P align=justify>the institution by the Company of proceedings to be
      adjudicated bankrupt or insolvent, or the consent by it to the institution
      of bankruptcy or insolvency proceedings against it, or the filing by it of
      a petition or answer or consent seeking reorganization or relief under or
      subject to the <I>Bankruptcy and Insolvency Act </I>(Canada), the
      <I>Companies&#146; Creditors Arrangement Act </I>(Canada), the <I>U.S. Federal
      Bankruptcy Code </I>or any other federal, provincial, state or foreign
      bankruptcy, insolvency or analogous laws or the consent by it to the
      filing of any such petition or to the appointment of a receiver,
      liquidator, assignee, trustee, sequestrator (or other similar official) of
      the Company or of any substantial part of its property, or the making by
      it of a general assignment for the benefit of creditors, or the admission
      by it in writing of its inability to pay its debts generally as they
      become due or the taking by it of corporate action in furtherance of any
      of the aforesaid purposes; or</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(7) </TD>
    <TD>
      <P align=justify>any other Event of Default provided with respect to
      Securities of that series.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left ><B>Section 6.02</B> </TD>
    <TD align=left width="85%"><B>Acceleration of Maturity; Rescission and
      Annulment</B> </TD></TR></TABLE>
<P align=justify style="text-indent: 5%">If an Event of Default described in clause (1), (2), (3), (4)
or (7) of Section 6.01 with respect to Securities of any series at the time
Outstanding occurs and is continuing, then in every such case, either Trustee or
the Holders of not less than 25% in principal amount of the Outstanding
Securities of that series, may declare the principal amount (or, if the
Securities of that series are Original Issue Discount Securities or Indexed
Securities, such portion of the principal amount as may be specified in the
terms of that series) of all of the Securities of that series and all interest
thereon to be due and payable immediately, by a notice in writing to the Company
(and to the Trustees if given by Holders), and upon any such declaration such
principal amount (or specified portion thereof) shall become immediately due and
payable. If an Event of Default specified in Section 6.01(5) or 6.01(6) occurs
and is continuing, then the principal amount of all the Securities shall ipso
facto become and be immediately due and payable without any declaration or other
act on the part of the Trustees or any Holder. </P>
<P align=justify style="text-indent: 5%">At any time after such a declaration of acceleration with
respect to Securities of any series (or of all series, as the case may be) has
been made and before a judgment or decree for payment of the money due has been
obtained by either Trustee as hereinafter provided in this Article, the Holders
of a majority in principal amount of the Outstanding Securities of that series
(or of all series, as the case may be), by written notice to the Company and the
Trustees, may rescind and annul such declaration and its consequences if </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(1) </TD>
    <TD>
      <P align=justify>the Company has paid or deposited with either Trustee a
      sum sufficient to pay in the Currency in which the Securities of such
      series are payable (except as otherwise specified pursuant to Section 3.01
      for the Securities of such series and except, if applicable, as provided
      in Sections 3.11(b), 3.11(d) and 3.11(e)),</P></TD></TR></TABLE>
<P align=center>- 54 - </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_56></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="10%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>all overdue interest, if any, on all Outstanding
      Securities of that series (or of all series, as the case may be) and any
      related coupons,</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>all unpaid principal of (and premium, if any, on) any
      Outstanding Securities of that series (or of all series, as the case may
      be) which has become due otherwise than by such declaration of
      acceleration, and interest on such unpaid principal (and premium, if any)
      at the rate or rates prescribed therefor in such Securities,</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>to the extent that payment of such interest is legally
      enforceable, interest on overdue interest at the rate or rates prescribed
      therefor in such Securities, and</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(d) </TD>
    <TD>
      <P align=justify>all sums paid or advanced by the Trustees hereunder and
      the reasonable compensation, expenses, disbursements and advances of the
      Trustees, their agents and counsel; and</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(2) </TD>
    <TD>
      <P align=justify>all Events of Default with respect to Securities of that
      series (or of all series, as the case may be), other than the non-payment
      of amounts of principal of (or premium, if any, on) or interest on
      Securities of that series (or of all series, as the case may be) which
      have become due solely by such declaration of acceleration, have been
      cured or waived as provided in Section 6.13.</P></TD></TR></TABLE>
<P align=justify style="text-indent: 5%">No such rescission shall affect any subsequent default or
impair any right consequent thereon. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left ><B>Section 6.03</B> </TD>
    <TD align=left width="85%"><B>Collection of Debt and Suits for Enforcement
      by Trustees</B> </TD></TR></TABLE>
<P align=justify style="text-indent: 5%">The Company covenants that if </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(1) </TD>
    <TD>
      <P align=justify>default is made in the payment of any installment of
      interest on any Security and any related coupon when such interest becomes
      due and payable and such default continues for a period of 30 days,
    or</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(2) </TD>
    <TD>
      <P align=justify>default is made in the payment of the principal of (or
      premium, if any, on) any Security at the Maturity
  thereof,</P></TD></TR></TABLE>
<P align=justify>then the Company will, upon demand of either Trustee, pay to
the Appropriate Trustee for the benefit of the Holders of such Securities and
coupons, the whole amount then due and payable on such Securities and coupons
for principal (and premium, if any) and interest, if any, and interest on any
overdue principal (and premium, if any) and on any overdue interest, at the rate
or rates prescribed therefor in such Securities, and, in addition thereto, such
further amount as shall be sufficient to cover the costs and expenses of
collection, including the reasonable compensation, expenses, disbursements and
advances of the Trustees, their agents and counsel. </P>
<P align=justify style="text-indent: 5%">If the Company fails to pay such amounts forthwith upon such
demand, each of the Trustees, in its own name as trustee of an express trust,
may institute a judicial proceeding for the collection of the sums so due and
unpaid, may prosecute such proceeding to judgment or final decree and may enforce the same against the Company or
any other obligor upon such Securities and collect the moneys adjudged or
decreed to be payable in the manner provided by law out of the property of the
Company or any other obligor upon such Securities, wherever situated. </P>
<P align=center>- 55 - </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_57></A>
<P align=justify style="text-indent: 5%">If an Event of Default with respect to Securities of any series
(or of all series, as the case may be) occurs and is continuing, either Trustee
may in its discretion proceed to protect and enforce its rights and the rights
of the Holders of Securities of such series (or of all series, as the case may
be) by such appropriate judicial proceedings as such Trustee shall deem most
effectual to protect and enforce any such rights, whether for the specific
enforcement of any covenant or agreement in this Indenture or in aid of the
exercise of any power granted herein, or to enforce any other proper remedy.
</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left ><B>Section 6.04</B> </TD>
    <TD align=left width="85%"><B>Trustees May File Proofs of Claim</B>
  </TD></TR></TABLE>
<P align=justify style="text-indent: 5%">In case of the pendency of any receivership, insolvency,
liquidation, bankruptcy, reorganization, arrangement, adjustment, composition or
other judicial proceeding relative to the Company or any other obligor upon the
Securities or the property of the Company or of such other obligor or their
creditors, each Trustee (irrespective of whether the principal of the Securities
shall then be due and payable as therein expressed or by declaration or
otherwise and irrespective of whether either Trustee shall have made any demand
on the Company for the payment of overdue principal, premium, if any, or
interest) shall be entitled and empowered, by intervention in such proceeding or
otherwise, </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="10%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>to file and prove a claim for the whole amount of
      principal (and premium, if any), or such portion of the principal amount
      of any series of Original Issue Discount Securities or Indexed Securities
      as may be specified in the terms of such series, and interest, if any,
      owing and unpaid in respect of the Securities and to file such other
      papers or documents as may be necessary or advisable in order to have the
      claims of such Trustee (including any claim for the reasonable
      compensation, expenses, disbursements and advances of such Trustee, its
      agents and counsel) and of the Holders allowed in such judicial
      proceeding, and</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>to collect and receive any moneys or other property
      payable or deliverable on any such claims and to distribute the
    same;</P></TD></TR></TABLE>
<P align=justify>and any custodian, receiver, assignee, trustee, liquidator,
sequestrator or other similar official in any such judicial proceeding is hereby
authorized by each Holder to make such payments to such Trustee and, in the
event that such Trustee shall consent to the making of such payments directly to
the Holders, to pay to such Trustee any amount due to it for the reasonable
compensation, expenses, disbursements and advances of each Trustee, its agents
and counsel, and any other amounts due to such Trustee under Section 7.07. </P>
<P align=justify style="text-indent: 5%">Nothing herein contained shall be deemed to authorize the
Trustees to authorize or consent to or accept or adopt on behalf of any Holder
any plan of reorganization, arrangement, adjustment or composition affecting the Securities or the
rights of any Holder thereof or to authorize the Trustees to vote in respect of
the claim of any Holder in any such proceeding. </P>
<P align=center>- 56 - </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_58></A>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="85%">&nbsp;</TD></TR>

  <TR vAlign=top>
    <TD align=left ><B>Section 6.05</B> </TD>
    <TD align=left width="85%"><B>Trustees May Enforce Claims Without
      Possession of Securities</B> </TD></TR></TABLE>
<P align=justify style="text-indent: 5%">All rights of action and claims under this Indenture or the
Securities or coupons may be prosecuted and enforced by the Trustees without the
possession of any of the Securities or coupons or the production thereof in any
proceeding relating thereto, and any such proceeding instituted by a Trustee
shall be brought in its own name as trustee of an express trust, and any
recovery of judgment shall, after provision for the payment of the reasonable
compensation, expenses, disbursements and advances of such Trustee, its agents
and counsel, be for the ratable benefit of the Holders of the Securities and
coupons in respect of which such judgment has been recovered. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left ><B>Section 6.06</B> </TD>
    <TD align=left width="85%"><B>Application of Money Collected</B>
  </TD></TR></TABLE>
<P align=justify style="text-indent: 5%">Any money collected by a Trustee pursuant to this Article shall
be applied in the following order, at the date or dates fixed by the Trustees
and, in case of the distribution of such money on account or principal (or
premium, if any) or interest, if any, upon presentation of the Securities or
coupons, or both, as the case may be, and the notation thereon of the payment if
only partially paid and upon surrender thereof if fully paid: </P>
<P align=justify style="text-indent: -5%; margin-left: 10%">First: to the payment of all amounts due the Trustees under
Section 7.07; </P>
<P align=justify style="text-indent: -5%; margin-left: 10%">Second: to the payment of the amounts then due and unpaid for
principal of (and premium, if any) and interest, if any, on the Securities and
coupons in respect of which or for the benefit of which such money has been
collected, ratably, without preference or priority of any kind, according to the
amounts due and payable on such Securities and coupons for principal (and
premium, if any) and interest, if any, respectively; and </P>
<P align=justify style="text-indent: -5%; margin-left: 10%">Third: the balance, if any, to the Person or Persons entitled
thereto. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left ><B>Section 6.07</B> </TD>
    <TD align=left width="85%"><B>Limitation on Suits</B> </TD></TR></TABLE>
<P align=justify style="text-indent: 5%">No Holder of any Security of any series or any related coupons
shall have any right to institute any proceeding, judicial or otherwise, with
respect to this Indenture, or for the appointment of a receiver or trustee, or
for any other remedy hereunder, unless </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(1) </TD>
    <TD>
      <P align=justify>such Holder has previously given written notice to the
      Trustees of a continuing Event of Default with respect to the Securities
      of that series;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(2) </TD>
    <TD>
      <P align=justify>the Holders of not less than 25% in principal amount of
      the Outstanding Securities of that series in the case of any Event of
      Default described in clause (1), (2), (3), (4) or (7) of Section 6.01, or,
      in the case of any Event of Default described in clause (5) or (6) of
      Section 6.01, the Holders of not less than 25% in principal amount of all
      Outstanding Securities, shall have made written request
  to the Trustees to institute proceedings in respect of such
      Event of Default in their own names as Trustees hereunder;</P></TD></TR></TABLE>
<P align=center>- 57 - </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(3) </TD>
    <TD>
      <P align=justify>such Holder or Holders have offered to the Trustees
      reasonable indemnity against the costs, expenses and liabilities to be
      incurred in compliance with such request;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(4) </TD>
    <TD>
      <P align=justify>the Trustees for 60 days after their receipt of such
      notice, request and offer of indemnity have failed to institute any such
      proceeding; and</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(5) </TD>
    <TD>
      <P align=justify>no direction inconsistent with such written request has
      been given to the Trustees during such 60-day period by the Holders of a
      majority or more in principal amount of the Outstanding Securities of that
      series in the case of any Event of Default described in clause (1), (2),
      (3), (4) or (7) of Section 6.01, or in the case of any Event of Default
      described in clause (5) or (6) of Section 6.01, by the Holders of a
      majority or more in principal amount of all Outstanding
  Securities;</P></TD></TR></TABLE>
<P align=justify>it being understood and intended that no one or more of such
Holders shall have any right in any manner whatever by virtue of, or by availing
of, any provision of this Indenture to affect, disturb or prejudice the rights
of any other Holders of Securities of the same series, in the case of any Event
of Default described in clause (1), (2), (3), (4) or (7) of Section 6.01, or of
Holders of all Securities in the case of any Event of Default described in
clause (5) or (6) of Section 6.01, or to obtain or to seek to obtain priority or
preference over any other of such Holders or to enforce any right under this
Indenture, except in the manner herein provided and for the equal and ratable
benefit of all Holders of Securities of the same series, in the case of any
Event of Default described in clause (1), (2), (3), (4) or (7) of Section 6.01,
or of Holders of all Securities in the case of any Event of Default described in
clause (5) or (6) of Section 6.01. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left ><B>Section 6.08</B> </TD>
    <TD align=left width="85%"><B>Unconditional Right of Holders to Receive
      Principal, Premium and</B> <B>Interest</B> </TD></TR></TABLE>
<P align=justify style="text-indent: 5%">Notwithstanding any other provision in this Indenture, the
Holder of any Security shall have the right, which is absolute and
unconditional, to receive payment, as provided herein (including, if applicable,
Article Fourteen) and in such Security, of the principal of (and premium, if
any) and (subject to Section 3.07) interest, if any, on, such Security or
payment of such coupon on the respective Stated Maturities expressed in such
Security or coupon (or, in the case of redemption, on the Redemption Date) and
subject to the limitations on a Holder&#146;s ability to institute suit contained
Section 6.07, to institute suit for the enforcement of any such payment, and
such rights shall not be impaired without the consent of such Holder. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left ><B>Section 6.09</B> </TD>
    <TD align=left width="85%"><B>Restoration of Rights and Remedies</B>
  </TD></TR></TABLE>
<P align=justify style="text-indent: 5%">If either Trustee or any Holder has instituted any proceeding
to enforce any right or remedy under this Indenture and such proceeding has been
discontinued or abandoned for any reason, or has been determined adversely to
such Trustee or to such Holder, then and in every such case, subject to any
determination in such proceeding, the Company, the Trustees and the Holders of
Securities and coupons shall be restored severally and respectively to their
former positions hereunder and thereafter all rights and remedies of the
Trustees and the Holders shall continue as though no such proceeding had been
instituted. </P>
<P align=center>- 58 - </P>
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noShade SIZE=5>
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<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left ><B>Section 6.10</B> </TD>
    <TD align=left width="85%"><B>Rights and Remedies Cumulative</B>
  </TD></TR></TABLE>
<P align=justify style="text-indent: 5%">Except as otherwise provided with respect to the replacement or
payment of mutilated, destroyed, lost or stolen Securities or coupons in the
last paragraph of Section 3.06, no right or remedy herein conferred upon or
reserved to the Trustees or to the Holders of Securities or coupons is intended
to be exclusive of any other right or remedy, and every right and remedy shall,
to the extent permitted by law, be cumulative and in addition to every other
right and remedy given hereunder or now or hereafter existing at law or in
equity or otherwise. The assertion or employment of any right or remedy
hereunder, or otherwise, shall not prevent the concurrent assertion or
employment of any other appropriate right or remedy. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left ><B>Section 6.11</B> </TD>
    <TD align=left width="85%"><B>Delay or Omission Not Waiver</B>
  </TD></TR></TABLE>
<P align=justify style="text-indent: 5%">No delay or omission of the Trustees or of any Holder of any
Security or coupon to exercise any right or remedy accruing upon any Event of
Default shall impair any such right or remedy or constitute a waiver of any such
Event of Default or an acquiescence therein. Every right and remedy given by
this Article or by law to the Trustees or to the Holders may be exercised from
time to time, and as often as may be deemed expedient, by the Trustees or by the
Holders, as the case may be. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left ><B>Section 6.12</B> </TD>
    <TD align=left width="85%"><B>Control by Holders</B> </TD></TR></TABLE>
<P align=justify style="text-indent: 5%">With respect to the Securities of any series, the Holders of
not less than a majority in principal amount of the Outstanding Securities of
such series shall have the right to direct the time, method and place of
conducting any proceeding for any remedy available to the Trustees, or
exercising any trust or power conferred on the Trustees, relating to or arising
under clause (1), (2), (3), (4), (5) or (8) of Section 6.01, and, with respect
to all Securities, the Holders of not less than a majority in principal amount
of all Outstanding Securities shall have the right to direct the time, method
and place of conducting any proceeding for any remedy available to the Trustees,
or exercising any trust or power conferred on the Trustees, not relating to or
arising under clause (1), (2), (3), (4), (5) or (8) of Section 6.01, provided
that in each case </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(1) </TD>
    <TD>
      <P align=justify>such direction shall not be in conflict with any rule of
      law or with this Indenture,</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(2) </TD>
    <TD>
      <P align=justify>the Trustees may take any other action deemed proper by
      the Trustees which is not inconsistent with such direction, and</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(3) </TD>
    <TD>
      <P align=justify>the Trustees need not take any action which might involve
      them in personal liability or be unjustly prejudicial to the Holders of
      Securities of such series not consenting.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left ><B>Section 6.13</B> </TD>
    <TD align=left width="85%"><B>Waiver of Past Defaults</B>
</TD></TR></TABLE>
<P align=justify style="text-indent: 5%">Subject to Section 6.02, the Holders of not less than a
majority in principal amount of the Outstanding Securities of any series may on
behalf of the Holders of all the Securities of such series waive any past
default described in clause (1), (2), (3), (4), (5) or (8) of Section 6.01 (or,
in the case of a default described in clause (6) or (7) of Section 6.01, the
Holders of not less than a majority in principal amount of all Outstanding Securities may
waive any such past default), and its consequences, except a default </P>
<P align=center>- 59 - </P>
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noShade SIZE=5>
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<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">&nbsp;</TD>
    <TD>
      &nbsp;</TD></TR>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(1) </TD>
    <TD>
      <P align=justify>in respect of the payment of the principal of (or
      premium, if any) or interest, if any, on any Security or any related
      coupon, or</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(2) </TD>
    <TD>
      <P align=justify>in respect of a covenant or provision hereof which under
      Article Ten cannot be modified or amended without the consent of the
      Holder of each outstanding Security of such series
  affected.</P></TD></TR></TABLE>
<P align=justify style="text-indent: 5%">Upon any such waiver, any such default shall cease to exist,
and any Event of Default arising therefrom shall be deemed to have been cured,
for every purpose of this Indenture; but no such waiver shall extend to any
subsequent or other default or Event of Default or impair any right consequent
thereon. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left ><B>Section 6.14</B> </TD>
    <TD align=left width="85%"><B>Waiver of Stay or Extension Laws</B>
  </TD></TR></TABLE>
<P align=justify style="text-indent: 5%">The Company covenants (to the extent that it may lawfully do
so) that it will not at any time insist upon, or plead, or in any manner
whatsoever claim or take the benefit or advantage of, any stay or extension law
wherever enacted, now or at any time hereafter in force, which may affect the
covenants or the performance of this Indenture; and the Company (to the extent
that it may lawfully do so) hereby expressly waives all benefit or advantage of
any such law and covenants that it will not hinder, delay or impede the
execution of any power herein granted to the Trustees, but will suffer and
permit the execution of every such power as though no such law had been enacted.
</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left ><B>Section 6.15</B> </TD>
    <TD align=left width="85%"><B>Undertaking for Costs</B>
</TD></TR></TABLE>
<P align=justify style="text-indent: 5%">In any suit for the enforcement of any right or remedy under
this Indenture, or in any suit against either Trustee for any action taken,
suffered or omitted by it as Trustee, a court may require any party litigant in
such suit to file an undertaking to pay the costs of such suit, and may assess
costs against any such party litigant, in the manner and to the extent provided
in Trust Indenture Legislation; <U>provided</U>, <U>however</U>, that neither
this Section nor the provisions of Section 315(e) of the Trust Indenture Act
shall apply to any suit instituted by either Trustee or by any Holder or group
of Holders holding more than 10% in principal amount of all Outstanding
Securities or by any Holder of any Security on any suit for the enforcement of
the right to receive the principal of and interest (including any Additional
Amounts) on any such Securities. </P>
<P align=center>ARTICLE SEVEN <BR>THE TRUSTEES </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left ><B>Section 7.01</B> </TD>
    <TD align=left width="85%"><B>Notice of Defaults</B> </TD></TR></TABLE>
<P align=justify style="text-indent: 5%">Each Trustee shall promptly give the other Trustee notice of
any Default or Event of Default known to it. Within a reasonable time, but no
more than 30 days after either Trustee has knowledge of any Default hereunder
with respect to the Securities of any series, one or both of the Trustees shall
transmit in the manner and to the extent provided in Trust Indenture
Legislation, including TIA Section 313(c), notice to the Holders of such Default
hereunder known to either Trustee, unless such Default shall have been
cured or waived (and, in the case where such Default shall have been cured, the
Trustees shall notify the Holders in writing of such cure in writing within a
reasonable time, but not exceeding 30 days, after the Trustees have become aware
that the Default has been cured); <U>provided</U>, <U>however</U>, that, except
in the case of a Default in the payment of the principal of (or premium, if any)
or interest, if any, on any Security of such series or in the payment of any
sinking fund installment with respect to Securities of such series, the Trustees
shall be protected in withholding such notice if and so long as the board of
directors, the executive committee or a trust committee of directors and/or
Responsible Officers of each Trustee in good faith determine that the
withholding of such notice is in the interest of the Holders of Securities of
such series and any related coupons and so advises the Company in writing; and
<U>provided</U> <U>further</U> that in the case of any Default of the character
specified in Section 6.01(4) with respect to Securities of such series, no such
notice to Holders shall be given until at least 30 days after the occurrence
thereof. </P>
<P align=center>- 60 - </P>
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<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="85%">&nbsp;</TD></TR>

  <TR vAlign=top>
    <TD align=left ><B>Section 7.02</B> </TD>
    <TD align=left width="85%"><B>Certain Duties and Responsibilities of
      Trustees</B> </TD></TR></TABLE>
<P align=justify style="text-indent: 5%">(a) The Trustees, prior to the occurrence of an Event of
Default and after the curing of all Events of Default that may have occurred,
shall undertake to perform with respect to the Securities of any series such
duties and only such duties as are specifically set forth in this Indenture, and
no implied covenants shall be read into this Indenture against the Trustees.
</P>
<P align=justify style="text-indent: 5%">(b) In all instances, in the exercise of the powers and
discharge of obligations prescribed or conferred by the terms of this Indenture,
each Trustee shall act honestly and in good faith with a view to the best
interests of the Holders and exercise the care, diligence and skill that a
reasonably prudent trustee in respect of indentures for the purpose of issuing
corporate debt obligations would exercise in comparable circumstances. </P>
<P align=justify style="text-indent: 5%">(c) No provision of this Indenture
shall be construed to relieve each Trustee from liability for its own negligent
actions, its own negligent failure to act or its own willful misconduct except
that:</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="10%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>prior to the occurrence of an Event of Default and after
      the curing or waiving of all such Events of Default that may have
      occurred:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="15%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(A) </TD>
    <TD>
      <P align=justify>the duties and obligations of each Trustee with respect
      to the Securities of any series shall be determined solely by the express
      provisions of this Indenture, and the Trustees shall not be liable except
      for the performance of such duties and obligations as are specifically set
      forth in this Indenture, and no implied covenants or obligations shall be
      read into this Indenture against the Trustees; and</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(B) </TD>
    <TD>
      <P align=justify>in the absence of bad faith on the part of either
      Trustee, such Trustee may conclusively rely, as to the truth of the
      statements and the correctness of the opinions expressed therein, upon any
      certificates or opinions furnished to the Trustees and conforming to the
      requirements of this Indenture and Trust Indenture Legislation; but in the
      case of any such certificates or opinions that by
any provision hereof are specifically required to be furnished to
the Trustees, the Trustees shall be under a duty to examine the same to
determine whether or not they conform to the requirements of this Indenture;
provided, however, the Canadian Trustee shall not be required to determine
whether the certificates or opinions presented to it conform to the TIA and the
U.S. Trustee shall not be required to determine whether the certificates or
opinions presented to it conform to Canadian Trust Indenture Legislation. </P></TD></TR></TABLE>
<P align=center>- 61 - </P>
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<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="10%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">&nbsp;</TD>
    <TD>
      &nbsp;</TD></TR>

  <TR>
    <TD width="10%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>the Trustees shall not be liable with respect to any
      action taken or omitted to be taken by them in good faith in accordance
      with the direction of the Holders of not less than a majority in principal
      amount of the Securities of any series at the time Outstanding relating to
      the time, method and place of conducting any proceeding for any remedy
      available to the Trustees, or exercising any trust or power conferred upon
      the Trustees under this Indenture;</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(iii) </TD>
    <TD>
      <P align=justify>none of the provisions contained in this Indenture shall
      require either Trustee to expend or risk their own funds or otherwise
      incur personal or any financial liability in the performance of any of
      their duties or in the exercise of any of their rights or powers;
    and</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(iv) </TD>
    <TD>
      <P align=justify>whether or not therein expressly so provided, except to
      the extent expressly provided herein to the contrary, every provision of
      this Indenture relating to the conduct or effecting the liability or
      affording protection to the Trustees shall be subject to the provisions of
      this Section.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left ><B>Section 7.03</B> </TD>
    <TD align=left width="85%"><B>Certain Rights of Trustees</B>
</TD></TR></TABLE>
<P align=justify style="text-indent: 5%">Subject to the provisions of TIA Sections 315(a) through
315(d): </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(1) </TD>
    <TD>
      <P align=justify>the Trustees may rely and shall be protected in acting or
      refraining from acting upon any resolution, certificate, statement,
      instrument, opinion, report, notice, request, direction, consent, order,
      bond, debenture, note, other evidence of indebtedness or other paper or
      document believed by them to be genuine and to have been signed or
      presented by the proper party or parties;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(2) </TD>
    <TD>
      <P align=justify>any request or direction of the Company mentioned herein
      shall be sufficiently evidenced by a Company Request or Company Order and
      any resolution of the Board of Directors may be sufficiently evidenced by
      a Board Resolution;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(3) </TD>
    <TD>
      <P align=justify>whenever in the administration of this Indenture the
      Trustees shall deem it desirable that a matter be proved or established
      prior to taking, suffering or omitting any action hereunder, each Trustee
      (unless other evidence be herein specifically prescribed) may, in the
      absence of bad faith on its part, rely upon an Officers&#146;
    Certificate;</P></TD></TR></TABLE>
<P align=center>- 62 - </P>
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<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(4) </TD>
    <TD>
      <P align=justify>the Trustees may consult with counsel and the written
      advice of such counsel or any opinion of Counsel shall be full and
      complete authorization and protection in respect of any action taken,
      suffered or omitted by them hereunder in good faith and in reliance
      thereon;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(5) </TD>
    <TD>
      <P align=justify>the Trustees shall be under no obligation to exercise any
      of the rights or powers vested in it by this Indenture at the request or
      direction of any of the Holders of Securities of any series or any related
      coupons pursuant to this Indenture, unless such Holders shall have offered
      to the Trustees reasonable security or indemnity against the costs,
      expenses and liabilities which might be incurred by them in compliance
      with such request or direction;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(6) </TD>
    <TD>
      <P align=justify>the Trustees shall not be bound to make any investigation
      into the facts or matters stated in any resolution, certificate,
      statement, instrument, opinion, report, notice, request, direction,
      consent, order, bond, debenture, note, other evidence of indebtedness or
      other paper or document, but the Trustees, in their discretion, may make
      such further inquiry or investigation into such facts or matters as they
      may see fit, and, if the Trustees shall determine to make such further
      inquiry or investigation, they shall be entitled to examine the books,
      records and premises of the Company, personally or by agent or
      attorney;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(7) </TD>
    <TD>
      <P align=justify>in an Event of Default, the Trustees&#146; powers shall not be
      infringed upon so long as they act in accordance with Section
    7.02(b);</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(8) </TD>
    <TD>
      <P align=justify>the Trustees may execute any of the trusts or powers
      hereunder or perform any duties hereunder either directly or by or through
      agents or attorneys and the Trustees shall not be responsible for any
      misconduct or negligence on the part of any agent or attorney appointed
      with due care by them hereunder; and</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(9) </TD>
    <TD>
      <P align=justify>the Trustees shall not be liable for any action taken,
      suffered or omitted by them in good faith and believed by them to be
      authorized or within the discretion or rights or powers conferred upon
      them by this Indenture so long as they act in accordance with Section
      7.02(b).</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left ><B>Section 7.04</B> </TD>
    <TD align=left width="85%"><B>Trustees Not Responsible for Recitals or
      Issuance of Securities</B> </TD></TR></TABLE>
<P align=justify style="text-indent: 5%">The recitals contained herein and in the Securities, except for
a Trustee&#146;s certificates of authentication, and in any coupons shall be taken as
the statements of the Company, and neither Trustee nor any Authenticating Agent
assumes any responsibility for their correctness. The Trustees make no
representations as to the validity or sufficiency of this Indenture or of the
Securities or coupons, except that the Trustees represent that they are duly
authorized to execute and deliver this Indenture, authenticate the Securities
and perform their obligations hereunder and that the statements made by the U.S.
Trustee in a Statement of Eligibility on Form T-1 supplied to the Company are
true and accurate, subject to the qualifications set forth therein. Neither
Trustee nor any Authenticating Agent shall be accountable for the use or
application by the Company of Securities or the proceeds thereof. Nothing herein
contained will impose on either Trustee any obligation to see to, or to require
evidence of, the registration or filing (or renewal thereof) of this Indenture or any supplemental
indenture. The Trustees shall not be bound to give notice to any person of the
execution hereof. </P>
<P align=center>- 63 - </P>
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<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="85%">&nbsp;</TD></TR>

  <TR vAlign=top>
    <TD align=left ><B>Section 7.05</B> </TD>
    <TD align=left width="85%"><B>May Hold Securities</B> </TD></TR></TABLE>
<P align=justify style="text-indent: 5%">The Trustees, any Authenticating Agent, any Paying Agent, any
Security Registrar or any other agent of the Company or of the Trustees, in
their individual or any other capacity, may become the owner or pledgee of
Securities and coupons and, subject to TIA Sections 310(b) and 311, may
otherwise deal with the Company, including, without limitation, as a creditor of
the Company, with the same rights they would have if they were not Trustees,
Authenticating Agent, Paying Agent, Security Registrar or such other agent. A
Trustee that has resigned or was removed shall remain subject to TIA Section
311(a) to the extent provided therein. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left ><B>Section 7.06</B> </TD>
    <TD align=left width="85%"><B>Money Held in Trust</B> </TD></TR></TABLE>
<P align=justify style="text-indent: 5%">Money held by the Trustees in trust hereunder need not be
segregated from other funds except to the extent required by law. The Trustees
shall be under no liability for interest on any money received by them hereunder
except as otherwise agreed with the Company. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left ><B>Section 7.07</B> </TD>
    <TD align=left width="85%"><B>Compensation and Reimbursement</B>
  </TD></TR></TABLE>
<P align=justify style="text-indent: 5%">The Company agrees: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(1) </TD>
    <TD>
      <P align=justify>to pay to the Trustees from time to time reasonable
      compensation for all services rendered by them hereunder (which
      compensation shall not be limited by any provision of law in regard to the
      compensation of a trustee of an express trust); any invoices which remain
      outstanding for 30 days following the date of invoice shall accrue
      interest at the then current rate of interest charged by the Canadian
      Trustee to it corporate clients;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(2) </TD>
    <TD>
      <P align=justify>except as otherwise expressly provided herein, to
      reimburse the Trustees upon their request for all reasonable expenses,
      disbursements and advances incurred or made by the Trustees in accordance
      with any provision of this Indenture (including the reasonable
      compensation and the expenses and disbursements of their agents and
      counsel), except any such expense, disbursement or advance as may be
      attributable to the U.S. Trustee&#146;s gross negligence or bad faith or the
      Canadian Trustee&#146;s gross negligence or willful misconduct, respectively;
      and</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(3) </TD>
    <TD>
      <P align=justify>to indemnify the Trustees for, and to hold them and their
      directors, officers, agents, representatives, successors, assigns and
      employees harmless against, any loss, liability or expense incurred
      without gross negligence or bad faith on the part of the U.S. Trustee, or
      gross negligence or willful misconduct on the part of the Canadian
      Trustee, respectively, arising out of or in connection with the acceptance
      or administration of the trust or trusts hereunder, including reasonable
      attorneys&#146; fees and other reasonable costs and expenses of defending
      themselves against any claim or liability in connection with the exercise
      or performance of any of their powers or duties
  hereunder.</P></TD></TR></TABLE>
<P align=center>- 64 - </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<P align=justify style="text-indent: 5%">The obligations of the Company under this Section to compensate
the Trustees, to pay or reimburse the Trustees for expenses, disbursements and
advances and to indemnify and hold harmless the Trustees shall constitute
additional indebtedness hereunder and shall survive the satisfaction and
discharge of this Indenture and the resignation or removal of the Trustee. As
security for the performance of such obligations of the Company, the Trustees
shall have a claim prior to the Securities upon all property and funds held or
collected by the Trustees as such, except funds held in trust for the payment of
principal of (or premium, if any) or interest, if any, on particular Securities
or any coupons. </P>
<P align=justify style="text-indent: 5%">When the Trustees incur expenses or render services in
connection with an Event of Default specified in Section 6.01(6) or (7), the
expenses (including reasonable charges and expense of its counsel) of and the
compensation for such services are intended to constitute expenses of
administration under any applicable U.S. or Canadian federal, state or
provincial bankruptcy, insolvency or other similar law. </P>
<P align=justify style="text-indent: 5%">The provisions of this Section shall survive the termination of
this Indenture. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left ><B>Section 7.08</B> </TD>
    <TD align=left width="85%"><B>Corporate Trustees Required; Eligibility</B>
    </TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(1) </TD>
    <TD>
      <P align=justify>There shall be at all times a U.S. Trustee hereunder
      which shall be eligible to act as Trustee under TIA Section 310(a)(1) and,
      together with its immediate parent, shall have a combined capital and
      surplus of at least $50,000,000. If the U.S. Trustee publishes reports of
      condition at least annually, pursuant to law or to the requirements of
      U.S. federal, state, territorial or District of Columbia supervising or
      examining authority, then for the purposes of this Section, the combined
      capital and surplus of U.S. Trustee shall be deemed to be its combined
      capital and surplus as set forth in its most recent report of condition so
      published. If at any time the U.S. Trustee shall cease to be eligible in
      accordance with the provisions of this Section, it shall resign
      immediately in the manner and with the effect hereinafter specified in
      this Article.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(2) </TD>
    <TD>
      <P align=justify>For so long as required by Trust Indenture Legislation,
      there shall be a Canadian Trustee under this Indenture. The Canadian
      Trustee shall at all times be a resident or authorized to do business in
      the Province of Ontario and any other province in Canada where Holders may
      be resident from time to time. The Canadian Trustee represents and
      warrants that no material conflict of interest exists in the Canadian
      Trustee&#146;s role as a fiduciary hereunder and agrees that in the event of a
      material conflict of interest arising hereafter it will, within 30 days
      after ascertaining that it has such material conflict of interest, either
      eliminate the same or resign its trust hereunder. If any such material
      conflict of interests exists or hereafter shall exist, the validity and
      enforceability of this Indenture shall not be affected in any manner
      whatsoever by reason thereof.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(3) </TD>
    <TD>
      <P align=justify>The Trustees will not be required to give any bond or
      security in respect of the execution of the trusts and powers set out in
      this Indenture or otherwise in respect of the
premises.</P></TD></TR></TABLE>
<P align=center>- 65 - </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(4) </TD>
    <TD>
      <P align=justify>Neither Trustee nor any Affiliate of either Trustee shall
      be appointed a receiver or receiver and manager or liquidator of all or
      any part of the assets or undertaking of the
Company.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left ><B>Section 7.09</B> </TD>
    <TD align=left width="85%"><B>Resignation and Removal; Appointment of
      Successor</B> </TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(1) </TD>
    <TD>
      <P align=justify>No resignation or removal of either Trustee and no
      appointment of a successor Trustee pursuant to this Article shall become
      effective until the acceptance of appointment by the successor Trustee in
      accordance with the applicable requirements of Section 7.10.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(2) </TD>
    <TD>
      <P align=justify>Either Trustee may resign at any time with respect to the
      Securities of one or more series by giving written notice thereof to the
      Company. If the instrument of acceptance by a successor Trustee required
      by Section 7.10 shall not have been delivered to such Trustee within 30
      days after the giving of such notice of resignation, the resigning Trustee
      may petition any court of competent jurisdiction for the appointment of a
      successor Trustee with respect to the Securities of such series.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(3) </TD>
    <TD>
      <P align=justify>Either Trustee may be removed following thirty days
      notice with respect to the Securities of any series by Act of the Holders
      of not less than a majority in principal amount of the Outstanding
      Securities of such series, delivered to such Trustee and to the
      Company.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(4) </TD>
    <TD>
      <P align=justify>If at any time:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="10%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>either Trustee shall acquire any conflicting interest as
      defined in TIA Section 310(b) and fail to comply with the provisions of
      TIA Section 310(b)(i), or</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>either Trustee shall fail to comply with the provisions
      of TIA Section 310(b) after written request therefor by the Company or by
      any Holder who has been a bona fide Holder of a Security for at least six
      months, or</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>either Trustee shall cease to be eligible under Section
      7.08 and shall fail to resign after written request therefor by the
      Company or by any Holder who has been a bona fide Holder of a Security for
      at least six months, or</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(d) </TD>
    <TD>
      <P align=justify>either Trustee shall become incapable of acting or shall
      be adjudged a bankrupt or insolvent or a receiver of such Trustee or of
      its property shall be appointed or any public officer shall take charge or
      control of such Trustee or of its property or affairs for the purpose of
      rehabilitation, conservation or liquidation,</P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 10%" align=justify>then, in any such case, (i) the
Company, by a Board Resolution, may remove such Trustee with respect to all
Securities, or (ii) subject to TIA Section 315(e), any Holder who has been a
bona fide Holder of a Security of such series for at least six months may, on
behalf of himself and all others similarly situated, petition any court of competent jurisdiction for the removal of such
      Trustee with respect to all Securities of such series and the appointment
      of a successor Trustee or Trustees.</P>
<P align=center>- 66 - </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(5) </TD>
    <TD>
      <P align=justify>If either Trustee shall resign, be removed or become
      incapable of acting, or if a vacancy shall occur in the office of the U.S.
      Trustee or the Canadian Trustee for any cause, with respect to the
      Securities of one or more series, the Company, by a Board Resolution,
      shall promptly appoint a successor Trustee or Trustees with respect to the
      Securities of that or those series (it being understood that any such
      successor Trustee may be appointed with respect to the Securities of one
      or more or all of such series) <U>provided</U>, <U>however</U>, that the
      Company shall not be required to appoint a successor Trustee to the
      Canadian Trustee if the Canadian Trustee resigns or is removed and a
      Canadian Trustee under this Indenture is no longer required under Trust
      Indenture Legislation. If, within one year after such resignation, removal
      or incapability, or the occurrence of such vacancy, a successor Trustee
      with respect to the Securities of any series shall be appointed by Act of
      the Holders of a majority in principal amount of the Outstanding
      Securities of such series delivered to the Company and the retiring
      Trustee, the successor Trustee so appointed shall, forthwith upon its
      acceptance of such appointment, become the successor Trustee with respect
      to the Securities of such series and to that extent supersede the
      successor Trustee appointed by the Company. If no successor Trustee with
      respect to the Securities of any series shall have been so appointed by
      the Company or the Holders and accepted appointment in the manner
      hereinafter provided, any Holder who has been a bona fide Holder of a
      Security of such series for at least six months may, on behalf of himself
      and all others similarly situated, petition any court of competent
      jurisdiction for the appointment of a successor Trustee with respect to
      the Securities of such series.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(6) </TD>
    <TD>
      <P align=justify>The Company shall give notice of each resignation and
      each removal of a Trustee with respect to the Securities of any series and
      each appointment of a successor Trustee with respect to the Securities of
      any series to the Holders of Securities of such series in the manner
      provided for in Section 1.06. Each notice shall include the name of the
      successor Trustee with respect to the Securities of such series and the
      address of its Corporate Trust Office.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(7) </TD>
    <TD>
      <P align=justify>If a Canadian Trustee under this Indenture is no longer
      required by Trust Indenture Legislation, then the Company by a Board
      Resolution may remove the Canadian Trustee after giving 30 days
    notice.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left ><B>Section 7.10</B> </TD>
    <TD align=left width="85%"><B>Acceptance of Appointment by Successor</B>
    </TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(1) </TD>
    <TD>
      <P align=justify>In case of the appointment hereunder of a successor
      Trustee with respect to all Securities, every such successor Trustee so
      appointed shall execute, acknowledge and deliver to the Company and to the
      retiring Trustee an instrument accepting such appointment, and thereupon
      the resignation or removal of the retiring Trustee shall become effective
      and such successor Trustee, without any further act, deed or conveyance,
      shall become vested with all the rights, powers, trusts and duties of the
      retiring Trustee; but, on the request of the Company or
  the successor Trustee, such retiring Trustee shall, upon
      payment of its charges, execute and deliver an instrument transferring to
      such successor Trustee all the rights, powers and trusts of the retiring
      Trustee and shall duly assign, transfer and deliver to such successor
      Trustee all property and money held by such retiring Trustee
    hereunder.</P></TD></TR></TABLE>
<P align=center>- 67 - </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(2) </TD>
    <TD>
      <P align=justify>In case of the appointment hereunder of a successor
      Trustee with respect to the Securities of one or more (but not all)
      series, the Company, the retiring Trustee and each successor Trustee with
      respect to the Securities of one or more series shall execute and deliver
      an indenture supplemental hereto wherein each successor Trustee shall
      accept such appointment and which (1) shall contain such provisions as
      shall be necessary or desirable to transfer and confirm to, and to vest
      in, each successor Trustee all the rights, powers, trusts and duties of
      the retiring Trustee with respect to the Securities of that or those
      series to which the appointment of such successor Trustee relates, (2) if
      the retiring Trustee is not retiring with respect to all Securities, shall
      contain such provisions as shall be deemed necessary or desirable to
      confirm that all the rights, powers, trusts and duties of the retiring
      Trustee with respect to the Securities of that or those series as to which
      the retiring Trustee is not retiring shall continue to be vested in the
      retiring Trustee, and (3) shall add to or change any of the provisions of
      this Indenture as shall be necessary to provide for or facilitate the
      administration of the trusts hereunder by more than one Trustee, it being
      understood that nothing herein or in such supplemental indenture shall
      constitute such Trustees co-trustees of the same trust and that each such
      Trustee shall be trustee of a trust or trusts hereunder separate and apart
      from any trust or trusts hereunder administered by any other such Trustee;
      and upon the execution and delivery of such supplemental indenture the
      resignation or removal of the retiring Trustee shall become effective to
      the extent provided therein and each such successor Trustee, without any
      further act, deed or conveyance, shall become vested with all the rights,
      powers, trusts and duties of the retiring Trustee with respect to the
      Securities of that or those series to which the appointment of such
      successor Trustee relates; but, on request of the Company or any successor
      Trustee, such retiring Trustee shall duly assign, transfer and deliver to
      such successor Trustee all property and money held by such retiring
      Trustee hereunder with respect to the Securities of that or those series
      to which the appointment of such successor Trustee relates. Whenever there
      is a successor Trustee with respect to one or more (but less than all)
      series of Securities issued pursuant to this Indenture, the terms
      &#147;Indenture&#148; and &#147;Securities&#148; shall have the meanings specified in the
      provisions to the respective definitions of those terms in Section 1.01
      which contemplate such situation.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(3) </TD>
    <TD>
      <P align=justify>Upon reasonable request of any such successor Trustee,
      the Company shall execute any and all instruments for more fully and
      certainly vesting in and confirming to such successor Trustee all rights,
      powers and trusts referred to in paragraph (a) or (b) of this Section, as
      the case may be.</P></TD></TR></TABLE>
<P align=center>- 68 - </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(4) </TD>
    <TD>
      <P align=justify>No successor Trustee shall accept its appointment unless
      at the time of such acceptance such successor Trustee shall be qualified
      and eligible under this Article.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left ><B>Section 7.11</B> </TD>
    <TD align=left width="85%"><B>Merger, Conversion, Consolidation or
      Succession to Business</B> </TD></TR></TABLE>
<P align=justify style="text-indent: 5%">Any corporation into which either Trustee or its corporate
trust business may be merged or converted or with which it may be consolidated,
or any corporation resulting from any merger, conversion or consolidation to
which either Trustee shall be a party, or any corporation succeeding to all or
substantially all the corporate trust business of either Trustee, shall be the
successor of such Trustee hereunder, provided such corporation shall be
otherwise qualified and eligible under this Article, without the execution or
filing of any paper or any further act on the part of any of the parties hereto.
In case any Securities shall have been authenticated, but not delivered, by a
Trustee then in office, any successor by merger, conversion or consolidation to
such authenticating Trustee may adopt such authentication and deliver the
Securities so authenticated with the same effect as if such successor Trustee
had itself authenticated such Securities. In case any of the Securities shall
not have been authenticated by such predecessor Trustee, any successor Trustee
may authenticate such Securities either in the name of any predecessor hereunder
or in the name of the successor Trustee. In all such cases such certificates
shall have the full force and effect which this Indenture provides for the
certificate of authentication of such Trustee; <U>provided</U>, <U>however</U>,
that the right to adopt the certificate of authentication of any predecessor
Trustee or to authenticate Securities in the name of any predecessor Trustee
shall apply only to its successor or successors by merger, conversion or
consolidation. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left ><B>Section 7.12</B> </TD>
    <TD align=left width="85%"><B>Appointment of Authenticating Agent</B>
  </TD></TR></TABLE>
<P align=justify style="text-indent: 5%">At any time when any of the Securities remain outstanding, the
Trustees may appoint an Authenticating Agent or Agents, with respect to one or
more series of Securities which shall be authorized to act on behalf of the
Trustees to authenticate Securities of such series and the Trustees shall give
written notice of such appointment to all Holders of Securities of the series
with respect to which such Authenticating Agent will serve, in the manner
provided for in Section 1.06. Securities so authenticated shall be entitled to
the benefits of this Indenture and shall be valid and obligatory for all
purposes as if authenticated by the Appropriate Trustee hereunder. Any such
appointment shall be evidenced by an instrument in writing signed by a
Responsible Officer of the Trustees, and a copy of such instrument shall be
promptly furnished to the Company. Wherever reference is made in this Indenture
to the authentication and delivery of Securities by the Trustees or either
Trustee&#146;s certificate of authentication, such reference shall be deemed to
include authentication and delivery on behalf of the Trustees by an
Authenticating Agent and a certificate of authentication executed on behalf of
the Trustees by an Authenticating Agent. Each Authenticating Agent shall be
acceptable to the Company and shall at all times be a corporation organized and
doing business under the laws of the United States of America, any state thereof
or the District of Columbia or the laws of Canada or any province thereof,
authorized under such laws to act as Authenticating Agent, having a combined
capital and surplus of not less than $50,000,000 and subject to supervision or
examination by U.S. federal or state or Canadian federal or provincial
authority. If such corporation publishes reports of condition at least annually,
pursuant to law or to the requirements of said supervising or examining authority, then for the purposes of this Section, the
combined capital and surplus of such corporation shall be deemed to be its
combined capital and surplus as set forth in its most recent report of condition
so published. If at any time an Authenticating Agent shall cease to be eligible
in accordance with the provisions of this Section, it shall resign immediately
in the manner and with the effect specified in this Section. </P>
<P align=center>- 69 - </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<P align=justify style="text-indent: 5%">Any corporation into which an Authenticating Agent may be
merged or converted or with which it may be consolidated, or any corporation
resulting from any merger, conversion or consolidation to which such
Authenticating Agent shall be a party, or any corporation succeeding to the
corporate agency or corporate trust business of an Authenticating Agent, shall
continue to be an Authenticating Agent, provided such corporation shall be
otherwise eligible under this Section, without the execution or filing of any
paper or any further act on the part of the Trustees or the Authenticating
Agent. </P>
<P align=justify style="text-indent: 5%">An Authenticating Agent may resign at any time by giving
written notice thereof to the Trustees and to the Company. The Trustees may at
any time terminate the agency of an Authenticating Agent by giving written
notice thereof to such Authenticating Agent and to the Company. Upon receiving
such a notice of resignation or upon such a termination, or in case at any time
such Authenticating Agent shall cease to be eligible in accordance with the
provisions of this Section, the Trustees may appoint a successor Authenticating
Agent which shall be acceptable to the Company and shall give written notice of
such appointment to all Holders of Securities of the series with respect to
which such Authenticating Agent will serve, in the manner provided for in
Section 1.06. Any successor Authenticating Agent upon acceptance of its
appointment hereunder shall become vested with all the rights, powers and duties
of its predecessor hereunder, with like effect as if originally named as an
Authenticating Agent. No successor Authenticating Agent shall be appointed
unless eligible under the provisions of this Section. </P>
<P align=justify style="text-indent: 5%">The Trustees agree to pay to each Authenticating Agent from
time to time reasonable compensation for its services under this Section, and
the Trustees shall be entitled to be reimbursed for such payments, subject to
the provisions of Section 7.07. </P>
<P align=justify style="text-indent: 5%">If an appointment with respect to one
or more series is made pursuant to this Section, the Securities of such series
may have endorsed thereon, in addition to either Trustee&#146;s certificate of
authentication, an alternate certificate of authentication in the following
form: </P>
<P align=center>(Certificate of Authentication may be executed by either
Trustee) </P>
<P align=justify style="text-indent: 5%">[___________________], as U.S. Trustee,
certifies that this is one of the Securities of the series designated therein
referred to in the within-mentioned Indenture. </P>
<P align=justify style="text-indent: 5%">Dated: ____________<BR></P>
<P style="MARGIN-LEFT: 50%" align=justify>[_____________________], <BR>as U.S.
Trustee </P>
<P style="MARGIN-LEFT: 50%"
align=justify>By:&nbsp;_____________________________<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
Authenticating Agent </P>
<P align=center>- 70 - </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<P style="MARGIN-LEFT: 50%" align=justify>By:
_____________________________<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Authorized Officer </P>
<P align=justify style="text-indent: 5%">[_________________], as Canadian Trustee, certifies that this
is one of the Securities of the series designated therein referred to in the
within-mentioned Indenture. </P>
<P align=justify>Dated: ____________</P>
<DIV align=right>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="50%" border=0>

  <TR vAlign=top>
    <TD align=left>[_________________], as Canadian Trustee </TD></TR>
  <TR>
    <TD align=left>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>By: _____________________________</TD></TR>
  <TR vAlign=bottom>
    <TD align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; As
      Authenticating Agent </TD></TR>
  <TR>
    <TD align=left>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>By: _____________________________</TD></TR>
  <TR vAlign=bottom>
    <TD align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Authorized Officer </TD></TR></TABLE></DIV><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left><B>Section 7.13</B> </TD>
    <TD align=left width="85%"><B>Joint Trustees</B> </TD></TR></TABLE>
<P align=justify style="text-indent: 5%">The rights, powers, duties and obligations conferred and
imposed upon the Trustees are conferred and imposed upon and shall be exercised
and performed by the U.S. Trustee and the Canadian Trustee individually, except
to the extent the Trustees are required under Trust Indenture Legislation to
perform such acts jointly, and neither Trustee shall be liable or responsible
for the acts or omissions of the other Trustee. If the U.S. Trustee and Canadian
Trustee are unable to agree jointly to act or refrain from acting, the
Appropriate Trustee shall make the decision in accordance with its applicable
legislation. Unless the context implies or requires otherwise, any written
notice, request, direction, certificate, instruction, opinion or other document
(each such document, a &#147;Writing&#148;) delivered pursuant to any provision of this
Indenture to any of the U.S. Trustee or the Canadian Trustee shall be deemed for
all purposes of this Indenture as delivery of such Writing to the Trustee. Each
such trustee in receipt of such Writing shall notify such other trustee of its
receipt of such Writing within two Business Days of such receipt
<U>provided</U>, <U>however</U>, that any failure of such trustee in receipt of
such Writing to so notify such other trustee shall not be deemed as a deficiency
in the delivery of such Writing to the Trustee. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left><B>Section 7.14</B> </TD>
    <TD align=left width="85%"><B>Other Rights of Trustees</B>
</TD></TR></TABLE>
<P align=justify style="text-indent: 5%">Each Trustee shall retain the right not to act and shall not be
liable for refusing to act if, due to a lack of information or for any other
reason whatsoever, either Trustee, in its sole judgment, determines that such
act might cause it to be in non-compliance with any applicable anti-money
laundering or anti-terrorist legislation, regulation or guideline. Further,
should either Trustee, in its sole judgment, determine at any time that its
acting under this Indenture has resulted in its being in non-compliance with any
applicable anti-money laundering or anti-terrorist legislation, regulation or
guideline, then it shall have the right to resign on 10 days written notice to
all parties provided (i) that such Trustee&#146;s written notice shall describe the
circumstances of such non-compliance; and (ii) that if such circumstances are
rectified to such Trustee&#146;s satisfaction within such 10 day period, then such
resignation shall not be effective.</P>
<P align=center>- 71 - </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<P align=justify style="text-indent: 5%">The parties hereto acknowledge that Canadian federal and
provincial legislation addressing the protection of individuals&#146; personal
information (collectively, &#147;Privacy Laws&#148;) applies to obligations and activities
under this Indenture. Despite any other provision of this Indenture, neither
party shall take or direct any action that would contravene, or cause the other
to contravene, applicable Privacy Laws. The Company, prior to transferring, or
causing to be transferred, personal information to the Canadian Trustee, shall
obtain and retain required consents of the relevant individuals to the
collection, use and disclosure of their personal information, or shall have
determined that such consents either have been previously given and can be
relied on or are not required under Privacy Laws. The Canadian Trustee shall use
commercially reasonable efforts to ensure that its services hereunder comply
with Privacy Laws. Specifically, the Trustee agrees to (i) have designated a
chief privacy officer; (ii) maintain policies and procedures to protect personal
information and to receive and respond to any privacy complaint or inquiry;
(iii) use personal information solely for the purposes of providing its services
under or ancillary to this Indenture and not to use it for any other purpose
except with the consent and direction of the Company; (iv) not sell or otherwise
improperly disclose personal information to any third party; and (v) use
employee administrative, physical and technological safeguards to reasonably
secure and protect personal information against loss, theft or unauthorized
access, use or modification. </P>
<P align=justify style="text-indent: 5%">It is expressly acknowledged and agreed that the Canadian
Trustee may, in the course of providing services hereunder, collect or receive,
use and disclose financial and other personal information about such parties
and/or their representatives, as individuals, or about other individuals related
to the subject matter hereof, and use such information for the following
purposes: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="10%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>to provide the services required under this Indenture and
      other services that may be requested from time to time;</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>to help the Canadian Trustee manage its servicing
      relationships with such individuals;</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(iii) </TD>
    <TD>
      <P align=justify>to meet the Canadian Trustee&#146;s legal and regulatory
      requirements; and</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(iv) </TD>
    <TD>
      <P align=justify>if social insurance numbers are collected by the Canadian
      Trustee, to perform tax reporting and to assist in verification of an
      individual&#146;s identity for security purposes.</P></TD></TR></TABLE>
<P align=justify style="text-indent: 5%">Further, each party agrees that it shall not provide or cause
to be provided to the Canadian Trustee any personal information relating to an
individual who is not a party to this Indenture unless that party has assured
itself that such individual understands and has consented to the aforementioned
uses and disclosures. Notwithstanding anything to the contrary herein, the
Company and the Trustees may, without liability, disclose information about the
Holders and Beneficial Owners or Potential Holders or Beneficial Owners of the
Securities pursuant to subpoena or other order issued by a court of competent
jurisdiction or when otherwise required by applicable law. </P>
<P align=center>- 72 - </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
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<P align=justify style="text-indent: 5%">Unless otherwise notified, the Trustees shall be entitled to
assume that all payments have been made by the Company as required under this
Indenture. </P>
<P align=justify style="text-indent: 5%">The Trustees may assume for the purposes of this Indenture that
any address on the register of the Holders of the Securities is the holder&#146;s
actual address and is also determinative as to residency. </P>
<P align=justify style="text-indent: 5%">The Trustees shall have no obligation to ensure or verify
compliance with any applicable laws or regulatory requirements on the issue,
exercise or transfer of any Securities provided such issue, exercise or
transfer, as the case may be, is effected in accordance with the terms of this
Indenture. The Trustees shall be entitled to process all transfers of Securities
upon the presumption that such transfers are permissible pursuant to all
applicable laws and regulatory requirements. The Trustees shall have no
obligation to ensure that legends appearing on the Securities certificates
comply with regulatory requirements or securities laws of any applicable
jurisdiction. </P>
<P align=justify style="text-indent: 5%">Except as provided in this Indenture, the Trustees shall retain
the right not to act and shall not be held liable for refusing to act unless it
has received clear and reasonable documentation which complies with the terms of
this Indenture; such document must not require the exercise of any discretion or
independent judgment. </P>
<P align=justify style="text-indent: 5%">Each Trustee hereby accepts the trusts in this Indenture
declared and provided for and agrees to perform the same upon the terms and
conditions herein set forth and to hold all rights, privileges and benefits
conferred hereby and by law in trust for the various persons who shall from time
to time be holders, subject to all the terms and conditions herein set forth.
</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left ><B>Section 7.15</B> </TD>
    <TD align=left width="85%"><B>Third Party Interests</B>
</TD></TR></TABLE>
<P align=justify style="text-indent: 5%">Each party to this Indenture hereby represents to each Trustee
that any account to be opened by, or interest to held by the Trustees in
connection with this Indenture, for or to the credit of such party, either (i)
is not intended to be used by or on behalf of any third party; or (ii) is
intended to be used by or on behalf of a third party, in which case such party
hereto agrees to complete and execute forthwith a declaration in each Trustee's
prescribed form as to the particulars of such third party. </P>
<P align=center>ARTICLE EIGHT <BR>HOLDERS&#146; LISTS AND REPORTS BY TRUSTEE AND
COMPANY </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left ><B>Section 8.01</B> </TD>
    <TD align=left width="85%"><B>Company to Furnish Trustee Names and
      Addresses of Holders</B> </TD></TR></TABLE>
<P align=justify style="text-indent: 5%">The Company will furnish or cause to be furnished to the
Trustee (1) not more than 15 days after each Regular Record Date, or such lesser
time as required by the Trustee, a list, in such form as the Trustee may
reasonably require, of the names and addresses of Holders as of such Regular
Record Date; provided, however, that the Company shall not be obligated to
furnish or cause to be furnished such list at any time that the list shall not
differ in any respect from the most recent list furnished to the Trustee by the
Company or at such times as the Trustee is acting as Security Registrar for the
applicable series of Securities and (2) at such other times as the Trustee may
request in writing within 30 days after the receipt by the Company of any such request, a list of similar form and content as of a date not
more than 15 days prior to the time such list is furnished.
</P>
<P align=center>- 73 - </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_75></A>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="85%">&nbsp;</TD></TR>

  <TR vAlign=top>
    <TD align=left ><B>Section 8.02</B> </TD>
    <TD align=left width="85%"><B>Preservation of List of Names and Addresses
      of Holders</B> </TD></TR></TABLE>
<P align=justify style="text-indent: 5%">The Trustee shall preserve, in as current a form as is
reasonably practicable, all information as to the names and addresses of the
Holders contained in the most recent list furnished to it as provided in Section
8.01 and as to the names and addresses of Holders received by the Trustee in its
capacity as Security Registrar for the applicable series of Securities (if
acting in such capacity).</P>
<P align=justify style="text-indent: 5%">The Trustee may destroy any list furnished to it as provided in
Section 8.01 upon receipt of a new list so furnished.</P>
<P align=justify style="text-indent: 5%">Holders may communicate as provided in TIA Section 312(b) with
other Holders with respect to their rights under this Indenture or under the
Securities. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left ><B>Section 8.03</B> </TD>
    <TD align=left width="85%"><B>Disclosure of Names and Addresses of
      Holders</B> </TD></TR></TABLE>
<P align=justify style="text-indent: 5%">Every Holder of Securities or coupons, by receiving and holding
the same, agrees with the Company and the Trustees that none of the Company or
the Trustees or any agent of either of them shall be held accountable by reason
of the disclosure of any such information as to the names and addresses of the
Holders in accordance with TIA Section 312 or the OBCA, regardless of the source
from which such information was derived, and that the Trustees shall not be held
accountable by reason of mailing any material pursuant to a request made under
TIA Section 312(b). </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left ><B>Section 8.04</B> </TD>
    <TD align=left width="85%"><B>Reports by Trustees</B>
</TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(1) </TD>
    <TD>
      <P align=justify>Within 60 days after May 15 of each year commencing with
      the first year after the first issuance of Securities pursuant to this
      Indenture, the U.S. Trustee shall transmit to the Holders of Securities,
      in the manner and to the extent provided in Section 313(c) of the Trust
      Indenture Act, a brief report dated as of such reporting date, if required
      by Section 313(a) of the Trust Indenture Act.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(2) </TD>
    <TD>
      <P align=justify>The U.S. Trustee shall comply with Sections 313(b) and
      313(c) of the Trust Indenture Act.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(3) </TD>
    <TD>
      <P align=justify>A copy of such report shall, at the time of such
      transmission to the Holders, be filed by the U.S. Trustee with the Company
      (Attention: Chief Financial Officer), with each securities exchange upon
      which any of the Securities are listed (if so listed) and also with the
      Commission. The Company agrees to notify the Trustees when the Securities
      become listed on any securities exchange.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left ><B>Section 8.05</B> </TD>
    <TD align=left width="85%"><B>Reports by the Company</B>
</TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(1) </TD>
    <TD>
      <P align=justify>The Company will file with the Trustee, within 20 days
      after the Company files or furnishes them with the Commission, copies of
      the Company&#146;s annual reports and of the information, documents and
other reports (or copies of such portions of any of the foregoing as the
Commission may by rules and regulations prescribe) which the Company is required
to file or furnish with the Commission pursuant to Section 13 or 15(d) of the
Exchange Act. </P></TD></TR></TABLE>
<P align=center>- 74 - </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<P style="MARGIN-LEFT: 10%" align=justify>Notwithstanding that the Company may
not remain subject to the reporting requirements of Section 13 or 15(d) of the
Exchange Act or otherwise report on an annual and quarterly basis on forms
provided for such annual and quarterly reporting pursuant to rules and
regulations promulgated by the Commission, the Company will continue to provide
the Trustee:</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left  ></TD>
    <TD align=left width="5%" >&#149; </TD>
    <TD align=left width="85%">
      <P align=justify>within 20 days after the time periods required for the
      filing or furnishing of such forms by the Commission, annual reports on
      Form 40-F or 20-F or any successor form; and </P></TD></TR>
  <TR>
    <TD  >&nbsp;</TD>
    <TD width="5%" >&nbsp; </TD>
    <TD width="85%">
      <P align=justify> </P></TD></TR>
  <TR vAlign=top>
    <TD align=left  ></TD>
    <TD align=left width="5%" >&#149; </TD>
    <TD align=left width="85%">
      <P align=justify>within 20 days after the time periods required for the
      filing of such forms by the Commission, reports on Form 6-K (or any
      successor form), which, regardless of applicable requirements shall, at a
      minimum, contain such information required to be provided in quarterly
      reports under the laws of Canada or any province thereof to security
      holders of a corporation with securities listed on the Toronto Stock
      Exchange, whether or not the Company has any of the Securities listed on
      such exchange. Each of such reports, to the extent permitted by the rules
      and regulations of the Commission, will be prepared in accordance with
      Canadian disclosure requirements and GAAP provided, however, that the
      Company shall not be obligated to file or furnish such reports with the
      Commission if the Commission does not permit such filings; and
  </P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(2) </TD>
    <TD>
      <P align=justify>the Company will transmit to all Holders, in the manner
      and to the extent provided in Section 313(c) of the Trust Indenture Act,
      within 30 days after the filing thereof with the Trustees, such summaries
      of any information, documents and reports required to be filed by the
      Company pursuant to paragraph (1) of this Section as may be required by
      rules and regulations prescribed from time to time by the
    Commission.</P></TD></TR></TABLE>
<P align=center>ARTICLE NINE <BR>CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER OR
LEASE </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left ><B>Section 9.01</B> </TD>
    <TD align=left width="85%"><B>Company May Consolidate, etc., only on
      Certain Terms</B> </TD></TR></TABLE>
<P align=justify style="text-indent: 5%">The Company shall not amalgamate or consolidate with or merge
into or enter into any statutory arrangement with any other Person, or, directly
or indirectly, convey, transfer or lease all or substantially all of its
properties and assets to any Person, unless: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(1) </TD>
    <TD>
      <P align=justify>the Person formed by or continuing from such amalgamation
      or consolidation or into which the Company is merged or with which it
      enters into such statutory arrangement or the Person which acquires by
      operation of law or by conveyance or transfer, or which leases, all or substantially all of
      the properties and assets of the Company shall be a corporation,
      partnership or trust organized and validly existing under the laws of
      Canada or any province or territory thereof, the United States of America
      or any state thereof or the District of Columbia or, if such amalgamation,
      merger, consolidation, statutory arrangement or other transaction would
      not impair the rights of Holders, any other country, and, unless the
      Company is the continuing corporation, shall expressly assume, by an
      indenture supplemental hereto, executed and delivered to the Trustees, in
      form satisfactory to the Trustees, the Company&#146;s obligation for the due
      and punctual payment of the principal of (and premium, if any), and
      interest, if any, on all the Securities and the performance and observance
      of every covenant of this Indenture on the part of the Company to be
      performed or observed;</P></TD></TR></TABLE>
<P align=center>- 75 - </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(2) </TD>
    <TD>
      <P align=justify>immediately after giving effect to such transaction, no
      Default or Event of Default shall have happened and be continuing;
    and</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(3) </TD>
    <TD>
      <P align=justify>the Company or such Person shall have delivered to the
      Trustees an officers&#146; Certificate and an opinion of Counsel, each stating
      that such amalgamation, statutory arrangement, consolidation, merger,
      conveyance, transfer or lease and such supplemental indenture comply with
      this Article and that all conditions precedent herein provided for
      relating to such transaction have been complied
with.</P></TD></TR></TABLE>
<P align=justify style="text-indent: 5%">This Section 9.01 shall only apply to a merger, consolidation
or amalgamation in which the Company is not the surviving Person and to
conveyances, leases and transfers by the Company as transferor or lessor. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left ><B>Section 9.02</B> </TD>
    <TD align=left width="85%"><B>Successor Person Substituted</B>
  </TD></TR></TABLE>
<P align=justify style="text-indent: 5%">Upon any amalgamation or consolidation by the Company with or
merger by the Company into any other corporation or a statutory arrangement or
any conveyance, transfer or lease all or substantially all of the properties and
assets of the Company to any Person in accordance with Section 9.01, the
successor Person formed by such amalgamation or consolidation or into which the
Company is merged or statutory arrangement, or to which such conveyance,
transfer or lease is made shall succeed to, and be substituted for, and may
exercise every right and power of, the Company under this Indenture with the
same effect as if such successor Person had been named as the Company herein,
and in the event of any such conveyance or transfer, the Company (which term
shall for this purpose mean the Person named as the &#147;Company&#148; in the first
paragraph of this Indenture or any successor Person which shall theretofore
become such in the manner described in Section 9.01), except in the case of a
lease, shall be discharged of all obligations and covenants under this Indenture
and the Securities and the coupons and may be dissolved and liquidated. </P>
<P align=center>- 76 - </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_78></A>
<P align=center>ARTICLE TEN <BR>SUPPLEMENTAL INDENTURES </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left ><B>Section 10.01</B> </TD>
    <TD align=left width="85%"><B>Supplemental Indentures Without Consent of
      Holders</B> </TD></TR></TABLE>
<P align=justify style="text-indent: 5%">Without the consent of any Holders, the Company, when
authorized by or pursuant to a Board Resolution, and the Trustees, at any time
and from time to time, may enter into one or more indentures supplemental
hereto, in form satisfactory to the Trustees, for any of the following purposes:
</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(1) </TD>
    <TD>
      <P align=justify>to evidence the succession of another Person to the
      Company and the assumption by any such successor of the covenants of the
      Company contained herein and in the Securities; or</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(2) </TD>
    <TD>
      <P align=justify>to add to the covenants of the Company for the benefit of
      the Holders of all or any series of Securities and any related coupons
      (and if such covenants are to be for the benefit of less than all series
      of Securities, stating that such covenants are being included solely for
      the benefit of such series) or to surrender any right or power herein
      conferred upon the Company; or</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(3) </TD>
    <TD>
      <P align=justify>to add any additional Events of Default (and if such
      Events of Default are to be for the benefit of less than all series of
      Securities, stating that such Events of Default are being included solely
      for the benefit of such series); or</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(4) </TD>
    <TD>
      <P align=justify>to add to or change any of the provisions of this
      Indenture to provide that Bearer Securities may be registrable as to
      principal, to change or eliminate any restrictions on the payment of
      principal of or any premium or interest on Bearer Securities, to permit
      Bearer Securities to be issued in exchange for Registered Securities, to
      permit Bearer Securities to be issued in exchange for Bearer Securities of
      other authorized denominations or to permit or facilitate the issuance of
      Securities in uncertificated form; provided that any such action shall not
      adversely affect the interests of the Holders of Securities of any series
      or any related coupons in any material respect; or</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(5) </TD>
    <TD>
      <P align=justify>to change or eliminate any of the provisions of this
      Indenture; provided that any such change or elimination shall become
      effective only when there is no Security which is Outstanding of any
      series created prior to the execution of such supplemental indenture which
      is entitled to the benefit of such provision; or</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(6) </TD>
    <TD>
      <P align=justify>to establish the form or terms of Securities of any
      series as permitted by Sections 2.01 and 3.01; or</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(7) </TD>
    <TD>
      <P align=justify>to evidence and provide for the acceptance of appointment
      hereunder by a successor Trustee with respect to the Securities of one or
      more series and to add to or change any of the provisions of this
      Indenture as shall be necessary to provide for or facilitate the
      administration of the trusts hereunder by more than one Trustee, pursuant
      to the requirements of Section 7.10; or</P></TD></TR></TABLE>
<P align=center>- 77 - </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(8) </TD>
    <TD>
      <P align=justify>to close this Indenture with respect to the
      authentication and delivery of additional series of Securities, to cure
      any ambiguity, to correct or supplement any provision herein which may be
      inconsistent with any other provision herein, or to make any other
      provisions with respect to matters or questions arising under this
      Indenture; <U>provided </U>that any such action shall not adversely affect
      the interests of the Holders of Securities of any series and any related
      coupons in any material respect; or</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(9) </TD>
    <TD>
      <P align=justify>to supplement any of the provisions of this Indenture to
      such extent as shall be necessary to permit or facilitate the defeasance
      and discharge of any series of Securities pursuant to Sections 4.01, 15.02
      and 15.03; <U>provided </U>that any such action shall not adversely affect
      the interests of the Holders of Securities of such series and any related
      coupons or any other series of securities in any material respect;
    or</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(10) </TD>
    <TD>
      <P align=justify>to modify, eliminate or add to the provisions of this
      Indenture to such extent as shall be necessary to effect the
      qualifications of this Indenture under any applicable law of the United
      States and Canada or of any province or territory thereof to the extent
      they do not conflict with the applicable law of the United States
      heretofore or hereafter enacted.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left ><B>Section 10.02</B> </TD>
    <TD align=left width="85%"><B>Supplemental Indentures with Consent of
      Holders</B> </TD></TR></TABLE>
<P align=justify style="text-indent: 5%">With the consent of the Holders of not less than a majority in
principal amount of all Outstanding Securities affected by such supplemental
indenture, by Act of said Holders delivered to the Company and the Trustees, the
Company, when authorized by or pursuant to a Board Resolution, and the Trustees
may enter into an indenture or indentures supplemental hereto for the purpose of
adding any provisions to or changing in any manner or eliminating any of the
provisions of this Indenture which affect such series of Securities or of
modifying in any manner the rights of the Holders of Securities of such series
under this Indenture; <U>provided</U>, <U>however</U>, that no such supplemental
indenture shall, without the consent of the Holder of each Outstanding Security
of such series, </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(1) </TD>
    <TD>
      <P align=justify>change the Stated Maturity of the principal of (or
      premium, if any) or any installment of interest on any Security of such
      series, or reduce the principal amount thereof (or premium, if any) or the
      rate of interest, if any, thereon, or change any obligation of the Company
      to pay Additional Amounts contemplated by Section 11.05 (except as
      contemplated by Section 9.01 and permitted by Section 10.01), or reduce
      the amount of the principal of an Original Issue Discount Security of such
      series that would be due and payable upon a declaration of acceleration of
      the Maturity thereof pursuant to Section 6.02 or the amount thereof
      provable in bankruptcy pursuant to Section 6.04, or adversely affect any
      right of repayment at the option of any Holder of any Security of such
      series, or change any Place of Payment where, or the Currency in which,
      any Security of such series or any premium or interest thereon is payable,
      or impair the right to institute suit for the enforcement of any such
      payment on or after the Stated Maturity thereof (or, in the case of
      redemption or repayment at the option of the Holder, on or after the Redemption Date or Repayment
      Date, as the case may be), or adversely affect any right to convert or
      exchange any Security as may be provided pursuant to Section 3.01 herein,
      or</P></TD></TR></TABLE>
<P align=center>- 78 - </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(2) </TD>
    <TD>
      <P align=justify>reduce the percentage in principal amount of the
      Outstanding Securities of such series required for any such supplemental
      indenture, or the consent of whose Holders is required for any waiver of
      compliance with certain provisions of this Indenture which affect such
      series or certain defaults applicable to such series hereunder and their
      consequences provided for in this Indenture, or reduce the requirements of
      Section 16.04 for quorum or voting with respect to Securities of such
      series, or</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(3) </TD>
    <TD>
      <P align=justify>modify any of the provisions of this Section, Section
      6.13 or Section 11.08, except to increase any such percentage or to
      provide that certain other provisions of this Indenture which affect such
      series cannot be modified or waived without the consent of the Holder of
      each Outstanding Security of such series.</P></TD></TR></TABLE>
<P align=justify style="text-indent: 5%">A supplemental indenture which changes or eliminates any
covenant or other provision of this Indenture which has expressly been included
solely for the benefit of one or more particular series of Securities, or which
modifies the rights of the Holders of Securities of such series with respect to
such covenant or other provision, shall be deemed not to affect the rights under
this Indenture of the Holders of Securities of any other series. Any such
supplemental indenture adding any provisions to or changing in any manner or
eliminating any of the provisions of this Indenture, or modifying in any manner
the rights of the Holders of Securities of such series, shall not affect the
rights under this Indenture of the Holders of Securities of any other series.
</P>
<P align=justify style="text-indent: 5%">It shall not be necessary for any Act of Holders under this
Section to approve the particular form of any proposed supplemental indenture,
but it shall be sufficient if such Act shall approve the substance thereof. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left ><B>Section 10.03</B> </TD>
    <TD align=left width="85%"><B>Execution of Supplemental Indentures</B>
  </TD></TR></TABLE>
<P align=justify style="text-indent: 5%">In executing, or accepting the additional trusts created by,
any supplemental indenture permitted by this Article or the modifications
thereby of the trusts created by this Indenture, the Trustees shall be entitled
to receive, in addition to the documents required by Section 1.02, and shall be
fully protected in relying upon, an Opinion of Counsel stating that the
execution of such supplemental indenture is authorized or permitted by this
Indenture. Each Trustee may, but shall not be obligated to, enter into any such
supplemental indenture which affects such Trustee&#146;s own rights, duties or
immunities under this Indenture or otherwise. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left ><B>Section 10.04</B> </TD>
    <TD align=left width="85%"><B>Effect of Supplemental Indentures</B>
  </TD></TR></TABLE>
<P align=justify style="text-indent: 5%">Upon the execution of any supplemental indenture under this
Article, this Indenture shall be modified in accordance therewith, and such
supplemental indenture shall form a part of this Indenture for all purposes; and
every Holder of Securities theretofore or thereafter authenticated and delivered
hereunder shall be bound thereby. </P>
<P align=center>- 79 - </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left ><B>Section 10.05</B> </TD>
    <TD align=left width="85%"><B>Conformity with Trust Indenture
      Legislation</B> </TD></TR></TABLE>
<P align=justify style="text-indent: 5%">Every supplemental indenture executed pursuant to this Article
shall conform to the requirements of Trust Indenture Legislation as then in
effect. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left ><B>Section 10.06</B> </TD>
    <TD align=left width="85%"><B>Reference in Securities to Supplemental
      Indentures</B> </TD></TR></TABLE>
<P align=justify style="text-indent: 5%">Securities of any series authenticated and delivered after the
execution of any supplemental indenture pursuant to this Article may, and shall
if required by the Trustees, bear a notation in form approved by the Trustees as
to any matter provided for in such supplemental indenture. If the Company shall
so determine, new Securities of any series so modified as to conform, in the
opinion of the Trustees and the Company, to any such supplemental indenture may
be prepared and executed by the Company and authenticated and delivered by the
Trustees in exchange for outstanding Securities of such series. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left ><B>Section 10.07</B> </TD>
    <TD align=left width="85%"><B>Notice of Supplemental Indentures</B>
  </TD></TR></TABLE>
<P align=justify style="text-indent: 5%">Promptly after the execution by the Company and the Trustees of
any supplemental indenture pursuant to the provisions of Section 10.02, the
Company shall give notice thereof to the Holders of each outstanding Security
affected, in the manner provided for in Section 1.06, setting forth in general
terms the substance of such supplemental indenture. </P>
<P align=center>ARTICLE ELEVEN <BR>COVENANTS </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left ><B>Section 11.01</B> </TD>
    <TD align=left width="85%"><B>Payment of Principal, Premium, if any, and
      Interest</B> </TD></TR></TABLE>
<P align=justify style="text-indent: 5%">The Company covenants and agrees for the benefit of the Holders
of each series of Securities and any related coupons that it will duly and
punctually pay the principal of (and premium, if any) and interest, if any, on
the Securities of that series in accordance with the terms of the Securities,
any coupons appertaining thereto and this Indenture. Unless otherwise specified
as contemplated by Section 3.01 with respect to any series of Securities, any
interest installments due on Bearer Securities on or before Maturity shall be
payable only upon presentation and surrender of the several coupons for such
interest installments as are evidenced thereby as they severally mature. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left ><B>Section 11.02</B> </TD>
    <TD align=left width="85%"><B>Maintenance of Office or Agency</B>
  </TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(1) </TD>
    <TD>
      <P align=justify>If the Securities of a series are issuable as Registered
      Securities, the Company will maintain in each Place of Payment for any
      series of Securities an office or agency where Securities of that series
      may be presented or surrendered for payment, where Securities of that
      series may be surrendered for registration of transfer or exchange, where
      Securities of that series that are convertible or exchangeable may be
      surrendered for conversion or exchange, as applicable, and where notices
      and demands to or upon the Company in respect of the Securities of that
      series and this Indenture may be served and, if the Securities of a series
      are also issuable as Bearer Securities, where Bearer Securities of that
      series and related coupons may be presented or surrendered for
      payment in the circumstances described in this Section 11.02.</P></TD></TR></TABLE>
<P align=center>- 80 - </P>
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<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(2) </TD>
    <TD>
      <P align=justify>If Securities of a series are issuable as Bearer
      Securities, the Company will maintain (A) in The City of New York, an
      office or agency where any Registered Securities of that series may be
      presented or surrendered for payment, where any Registered Securities of
      that series may be surrendered for registration of transfer, where
      Securities of that series may be surrendered for exchange, where
      Securities of that series that are convertible or exchangeable may be
      surrendered for conversion or exchange, as applicable, where notices and
      demands to or upon the Company in respect of the Securities of that series
      and this Indenture may be served and where Bearer Securities of that
      series and related coupons may be presented or surrendered for payment in
      the circumstances described in the following paragraph (and not otherwise)
      (B) subject to any laws or regulations applicable thereto, in a Place of
      Payment for that series which is located outside the United States, an
      office or agency where Securities of that series and related coupons may
      be presented and surrendered for payment; <U>provided</U>, <U>however</U>,
      that, if the Securities of that series are listed on any stock exchange
      located outside the United States and such stock exchange shall so
      require, the Company will maintain a Paying Agent for the Securities of
      that series in any required city located outside the United States so long
      as the Securities of that series are listed on such exchange and (C)
      subject to any laws or regulations applicable thereto, in a Place of
      Payment for that series located outside the United States an office or
      agency where any Registered Securities of that series may be surrendered
      for registration of transfer, where Securities of that series may be
      surrendered for exchange, where Securities of that series that are
      convertible and exchangeable may be surrendered for conversion or
      exchange, as applicable, and where notices and demands to or upon the
      Company in respect of the Securities of that series and this Indenture may
      be served.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(3) </TD>
    <TD>
      <P align=justify>The Company will give prompt written notice to the
      Trustees of the location, and any change in the location, of such office
      or agency. If at any time the Company shall fail to maintain any such
      required office or agency or shall fail to furnish the Trustees with the
      address thereof, such presentations, surrenders, notices and demands may
      be made or served at the Corporate Trust Office of the U.S. Trustee,
      except that Bearer Securities of any series and the related coupons may be
      presented and surrendered for payment at the offices specified in the
      Security and the Company hereby appoints the same as its agents to receive
      such respective presentations, surrenders, notices and demands.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(4) </TD>
    <TD>
      <P align=justify>Unless otherwise specified with respect to any Securities
      pursuant to Section 3.01, no payment of principal, premium or interest on
      Bearer Securities shall be made at any office or agency of the Company in
      the United States or by check mailed to any address in the United States
      or by transfer to an account maintained with a bank located in the United
      States; <U>provided</U>, <U>however</U>, that, if the Securities of a
      series are payable in Dollars, payment of principal of (and premium, if
      any) and interest, if any, on any Bearer Security shall be made at the
      office of the Company&#146;s Paying Agent in The City of New York, if (but
      only if) payment in Dollars of the full amount of such principals, premium
      or interest, as the case may be, at all offices or agencies outside the
      United States maintained for such purpose by the Company in accordance
      with this Indenture is illegal or effectively precluded by exchange
      controls or other similar restrictions.</P></TD></TR></TABLE>
<P align=center>- 81 - </P>
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<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
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  <TR>
    <TD vAlign=top width="5%">&nbsp;</TD>
    <TD vAlign=top width="5%">(5) </TD>
    <TD>
      <P align=justify>The Company may also from time to time designate one or
      more other offices or agencies where the Securities of one or more series
      may be presented or surrendered for any or all such purposes and may from
      time to time rescind any such designation; <U>provided</U>,
      <U>however</U>, that no such designation or rescission shall in any manner
      relieve the Company of its obligation to maintain an office or agency in
      accordance with the requirements set forth above for securities of any
      series for such purposes. The Company will give prompt written notice to
      the Trustees of any such designation or rescission and of any change in
      the location of any such other office or agency. Unless otherwise
      specified with respect to any Securities as contemplated by Section 3.01
      with respect to a series of Securities, the Company hereby initially
      appoints the U.S. Trustee at its Corporate Trust office as Paying Agent in
      such city and as its agent to receive all such presentations, surrenders,
      notices and demands.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">&nbsp;</TD>
    <TD vAlign=top width="5%">(6) </TD>
    <TD>
      <P align=justify>Unless otherwise specified with respect to any Securities
      pursuant to Section 3.01, if and so long as the Securities of any series
      (i) are denominated in a Currency other than Dollars or (ii) may be
      payable in a Currency other than Dollars, or so long as it is required
      under any other provision of the Indenture, then the Company will maintain
      with respect to each such series of Securities, or as so required, at
      least one Exchange Rate Agent.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left ><B>Section 11.03</B> </TD>
    <TD align=left width="85%"><B>Money for Securities Payments to Be Held in
      Trust</B> </TD></TR></TABLE>
<P align=justify style="text-indent: 5%">If the Company shall at any time act as its own Paying Agent
with respect to any series of Securities and any related coupons, it will, on or
before each due date of the principal of (or premium, if any) or interest, if
any, on any of the Securities of that series, segregate and hold in trust for
the benefit of the Persons entitled thereto a sum in the Currency in which the
Securities of such series are payable (except as otherwise specified pursuant to
Section 3.01 for the Securities of such series and except, if applicable, as
provided in Sections 3.11(b), 3.11(d) and 3.11(e)) sufficient to pay the
principal of (or premium, if any) or interest, if any, on Securities of such
series so becoming due until such sums shall be paid to such Persons or
otherwise disposed of as herein provided and will promptly notify the Trustees
of its action or failure so to act. </P>
<P align=justify style="text-indent: 5%">Whenever the Company shall have one or more Paying Agents for
any series of Securities and any related coupons, it will, at least three
Business Days in advance of the due date of the principal of (or premium, if
any) or interest, if any, on any Securities of that series, deposit with a
Paying Agent a sum (in the Currency described in the preceding paragraph)
sufficient to pay the principal (or premium, if any) or interest, if any, so
becoming due, such sum to be held in trust for the benefit of the Persons
entitled to such principal, premium or interest, and (unless such Paying Agent
is such Trustee) the Company will promptly notify the Trustees of its action or
failure so to act. </P>
<P align=center>- 82 - </P>
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<P align=justify style="text-indent: 5%">The Company will cause each Paying Agent (other than the
Trustees) for any series of Securities to execute and deliver to the Trustees an
instrument in which such Paying Agent shall agree with the Trustees, subject to
the provisions of this Section, that such Paying Agent will: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(1) </TD>
    <TD>
      <P align=justify>hold all sums held by it for the payment of the principal
      of (and premium, if any) and interest, if any, on Securities of such
      series in trust for the benefit of the Persons entitled thereto until such
      sums shall be paid to such Persons or otherwise disposed of as herein
      provided;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(2) </TD>
    <TD>
      <P align=justify>give the Trustees notice of any default by the Company
      (or any other obligor upon the Securities of such series) in the making of
      any payment of principal of (or premium, if any) or interest, if any, on
      the Securities of such series; and</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(3) </TD>
    <TD>
      <P align=justify>at any time during the continuance of any such default,
      upon the written request of the Trustees, forthwith pay to the Trustees
      all sums so held in trust by such Paying Agent.</P></TD></TR></TABLE>
<P align=justify style="text-indent: 5%">The Company may at any time, for the purpose of obtaining the
satisfaction and discharge of this Indenture or for any other purpose, pay, or
by Company Order direct any Paying Agent to pay, to the Trustees all sums held
in trust by the Company or such Paying Agent, such sums to be held by the
Trustees upon the same trusts as those upon which sums were held by the Company
or such Paying Agent; and, upon such payment by any Paying Agent to the
Trustees, such Paying Agent shall be released from all further liability with
respect to such sums. </P>
<P align=justify style="text-indent: 5%">Except as provided in the Securities of any series, any money
deposited with the Trustees or any Paying Agent, or then held by the Company, in
trust for the payment of the principal of (or premium, if any) or interest, if
any, on any Security of any series, or any coupon appertaining thereto, and
remaining unclaimed for two years after such principal, premium or interest has
become due and payable shall be paid to the Company on Company Request, or (if
then held by the Company) shall be discharged from such trust; and the Holder of
such Security or coupon shall thereafter look only to the Company for payment
thereof, and all liability of the Trustees or such Paying Agent with respect to
such trust money, and all liability of the Company as trustee thereof, shall
thereupon cease; <U>provided</U>, <U>however</U>, that the Trustees or such
Paying Agent, before being required to make any such repayment, may at the
expense of the Company cause to be published once, in an Authorized Newspaper,
notice that such money remains unclaimed and that, after a date specified
therein, which shall not be less than 30 days from the date of such publication,
any unclaimed balance of such money then remaining will be repaid to the
Company. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left ><B>Section 11.04</B> </TD>
    <TD align=left width="85%"><B>Statement as to Compliance</B>
</TD></TR></TABLE>
<P align=justify style="text-indent: 5%">The Company shall deliver to the Trustees, on or before 120
days after the end of the Company&#146;s fiscal year, an Officers&#146; Certificate
stating that a review of the activities of the Company during such fiscal year
has been made under the supervision of the signing officers with a view to
determining whether the Company has kept, observed, performed and fulfilled its
obligations under this Indenture, and further stating, as to each such officer
signing such certificate, that the Company has kept, observed, performed and
fulfilled each and every covenant contained in this Indenture and is not in default in
the performance or observance of any of the terms, provisions and conditions
hereof (or, if a Default or Event of Default shall have occurred and is
continuing, describing all such Defaults or Events of Default of which he or she
may have knowledge and what action the Company is taking or propose to take with
respect thereto). The Company shall deliver to the Trustees upon demand evidence
in such form as the Trustees may require as to compliance by the Company with
any condition or covenant of the Company set out herein relating to any action
required or permitted to be taken by the Company under this Indenture or as a
result of any obligation imposed by this Indenture. For purposes of this
Section, such compliance shall be determined without regard to any period of
grace or requirement of notice under this Indenture. </P>
<P align=center>- 83 - </P>
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<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="85%">&nbsp;</TD></TR>

  <TR vAlign=top>
    <TD align=left ><B>Section 11.05</B> </TD>
    <TD align=left width="85%"><B>Additional Amounts</B> </TD></TR></TABLE>
<P align=justify style="text-indent: 5%">If specified pursuant to Section 3.01, all payments made by or
on behalf of the Company under or with respect to the Securities of any series
will be made free and clear of and without withholding or deduction for or on
account of any present or future tax, duty, levy, impost, assessment or other
government charge (including penalties, interest and other liabilities related
thereto) imposed or levied by or on behalf of the Government of Canada or of any
province or territory thereof or by any authority or agency therein or thereof
having power to tax (&#147;Canadian Taxes&#148;), unless the Company is required to
withhold or deduct Canadian Taxes by law or by the interpretation or
administration thereof by the relevant government authority or agency. If the
Company is so required to withhold or deduct any amount for or on account of
Canadian Taxes from any payment made under or with respect to the Securities,
the Company will pay as additional interest such additional amounts (&#147;Additional
Amounts&#148;) as may be necessary so that the net amount received by each Holder
after such withholding or deduction (including with respect to Additional
Amounts) will not be less than the amount the Holder would have received if such
Canadian Taxes had not been withheld or deducted; <U>provided</U>,
<U>however</U>, that no Additional Amounts will be payable with respect to a
payment made to a Holder (an &#147;Excluded Holder&#148;) if the Holder or the beneficial
owner of some or all of the payment to the Holder (i) does not deal at arm&#146;s
length with the Company (for purposes of the <I>Income Tax Act</I> (Canada)) at
the time of the making of such payment, (ii) is subject to such Canadian Taxes
by reason of its failure to comply with any certification, identification,
information, documentation or other reporting requirement if compliance is
required by law, regulation, administrative practice or an applicable treaty as
a precondition to exemption from, or a reduction in the rate of deduction or
withholding of, such Canadian Taxes, (iii) is subject to such Canadian Taxes by
reason of its being a resident, domicile or national of, or engaged in business
or maintaining a permanent establishment or other physical presence in or
otherwise having some connection with Canada or any province or territory
thereof otherwise than by the mere holding of Securities or the receipt of
payments thereunder, or (iv) is subject to such Canadian Taxes because it is not
entitled to the benefit of an otherwise applicable tax treaty by reason of its
legal nature. The Company will make such withholding or deduction and remit the
full amount deducted or withheld to the relevant authority as and when required
in accordance with applicable law. The Company will pay all taxes, interest and
other liabilities which arise by virtue of any failure of the Company to
withhold, deduct and remit to the relevant authority on a timely basis the full
amounts required in accordance with applicable law. The Company will furnish to
the Holders, within 60 days after the date the payment of any Canadian Taxes is
due pursuant to applicable law, certified copies of tax receipts or other
satisfactory evidence of such payment by the Company. </P>
<P align=center>- 84 - </P>
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<P align=justify style="text-indent: 5%">If as a result of any payment by or on behalf of the Company
under or with respect to the Securities of any series, any Holder is required to
pay tax under Part XIII of the <I>Income Tax Act </I>(Canada) or any successor
provisions in circumstances where the Company is not required to make a
withholding with respect to such tax (for instance, in accordance with Section
803 of the Regulations to the <I>Income Tax Act</I> (Canada)), then the Company
will, upon demand by any such Holder, indemnify such Holder (other than a Holder
(i) with which the Company does not deal at arm&#146;s length (for the purposes of
the <I>Income Tax Act</I> (Canada)) at the time of the making of such payment;
(ii) which is subject to such Canadian Taxes by reason of its failure to comply
with any certification, identification, information, documentation or other
reporting requirement if compliance is required by law, regulation,
administrative practice or an applicable treaty as a precondition to exemption
from, or a reduction in the rate of deduction or withholding of, such Canadian
Taxes for the payment of any such taxes, together with any interest, penalties
and expenses in connection therewith, or (iii) which is subject to such Canadian
Taxes because it is not entitled to the benefit of an otherwise applicable tax
treaty by reason of the legal nature of such Holder). All such amounts shall be
payable by the Company on demand and shall bear interest at the rate borne by
the Securities, calculated from the date incurred by the Holder to the date paid
by the Company. All such amounts shall be Additional Amounts for the purpose of
this Indenture. </P>
<P align=justify style="text-indent: 5%">Promptly following the Company becoming aware that the Company
will be obligated to pay Additional Amounts with respect to a payment hereunder,
the Company will deliver to the Trustees and to any Paying Agent an Officers&#146;
Certificate stating the fact that such Additional Amounts will be payable and
the amounts so payable. References in this Indenture to interest, principal or
other payments made or to be made by the Company with respect to the Securities
shall be deemed also to refer to the payment of Additional Amounts provided for
in Section 3.01 that may be payable in respect thereof. </P>
<P align=justify style="text-indent: 5%">The provisions of this Section 11.05 shall survive any
termination, defeasance or discharge of this Indenture. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left ><B>Section 11.06</B> </TD>
    <TD align=left width="85%"><B>Payment of Taxes and Other Claims</B>
  </TD></TR></TABLE>
<P align=justify style="text-indent: 5%">The Company will pay or discharge or cause to be paid or
discharged, before the same shall become delinquent, (1) all material taxes,
assessments and governmental charges levied or imposed upon the Company or any
Subsidiary or upon the income, profits or property of the Company or any
Subsidiary, and (2) all material lawful claims for labor, materials and supplies
which, if unpaid, might by law become a Lien upon any property or assets of the
Company or any Subsidiary; <U>provided</U>, <U>however</U>, that the Company
shall not be required to pay or discharge or cause to be paid or discharged any
such tax, assessment, charge or claim whose amount, applicability or validity is
being contested in good faith by appropriate proceedings. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left ><B>Section 11.07</B> </TD>
    <TD align=left width="85%"><B>Corporate Existence</B> </TD></TR></TABLE>
<P align=justify style="text-indent: 5%">Subject to Article Nine, the Company will do or cause to be
done all things necessary to preserve and keep in full force and effect its
corporate existence and the rights (charter and statutory) and franchises of the
Company; <U>provided</U>, <U>however</U>, that the Company shall not be required
to preserve any such right or franchise if the Company shall determine that the preservation thereof is no longer desirable in the conduct of
the business of the Company and its Subsidiaries as a whole and that the loss
thereof is not disadvantageous in any material respect to the Holders.
</P>
<P align=center>- 85 - </P>
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<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="85%">&nbsp;</TD></TR>

  <TR vAlign=top>
    <TD align=left ><B>Section 11.08</B> </TD>
    <TD align=left width="85%"><B>Waiver of Certain Covenants</B>
  </TD></TR></TABLE>
<P align=justify style="text-indent: 5%">The Company may, with respect to any series of Securities, omit
in any particular instance to comply with any term, provision or condition which
affects such series set forth in Section 11.06 and Section 11.07, or, as
specified pursuant to Section 3.01(17) for Securities of such series, in any
covenants of the Company added to this Article pursuant to Section 3.01(16) or
Section 3.01(17) in connection with Securities of such series, if before the
time for such compliance the Holders of at least a majority in principal amount
of all Outstanding Securities of any series, by Act of such Holders, waive such
compliance in such instance with such term, provision or condition, but no such
waiver shall extend to or affect such term, provision or condition except to the
extent so expressly waived, and, until such waiver shall become effective, the
obligations of the Company and the duties of the Trustees to Holders of
Securities of such series in respect of any such term, provision or condition
shall remain in full force and effect. </P>
<P align=center>ARTICLE TWELVE <BR>REDEMPTION OF SECURITIES </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left ><B>Section 12.01</B> </TD>
    <TD align=left width="85%"><B>Applicability of Article</B>
</TD></TR></TABLE>
<P align=justify style="text-indent: 5%">Securities of any series which are redeemable before their
Stated Maturity shall be redeemable in accordance with the terms of such
Securities and (except as otherwise specified as contemplated by Section 3.01
for Securities of any series) in accordance with this Article. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left ><B>Section 12.02</B> </TD>
    <TD align=left width="85%"><B>Election to Redeem; Notice to Trustees</B>
    </TD></TR></TABLE>
<P align=justify style="text-indent: 5%">The election of the Company to redeem any securities shall be
evidenced by or pursuant to a Board Resolution. In case of any redemption at the
election of the Company, the Company shall, at least 60 days prior to the
Redemption Date fixed by the Company (unless a shorter notice shall be
satisfactory to the Trustees), notify the Trustees of such Redemption Date and
of the principal amount of Securities of such series to be redeemed and shall
deliver to the Trustees such documentation and records as shall enable the
Trustees to select the Securities to be redeemed pursuant to Section 12.03. In
the case of any redemption of Securities prior to the expiration of any
restriction on such redemption provided in the terms of such Securities or
elsewhere in this Indenture, the Company shall furnish to the Trustees an
Officers&#146; Certificate evidencing compliance with such restriction. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left ><B>Section 12.03</B> </TD>
    <TD align=left width="85%"><B>Selection by Trustees of Securities to Be
      Redeemed</B> </TD></TR></TABLE>
<P align=justify style="text-indent: 5%">If less than all the Securities of any series are to be
redeemed, the particular Securities to be redeemed shall be selected not more
than 60 days prior to the Redemption Date by the Trustees, from the Outstanding
Securities of such series not previously called for redemption, by such method
as the Trustees shall deem fair and appropriate and which may provide for the
selection for redemption of portions of the principal of Securities of such
series; <U>provided</U>, <U>however</U>, that no such partial redemption shall
reduce the portion of the principal amount of a Security not redeemed to less than the minimum authorized
denomination for Securities of such series established pursuant to Section 3.01. </P>
<P align=center>- 86 - </P>
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<P align=justify style="text-indent: 5%">The Trustees shall promptly notify the Company in writing of
the Securities selected for redemption and, in the case of any Securities
selected for partial redemption, the principal amount thereof to be redeemed.
</P>
<P align=justify style="text-indent: 5%">For all purposes of this Indenture, unless the context
otherwise requires, all provisions relating to the redemption of Securities
shall relate, in the case of any Security redeemed or to be redeemed only in
part, to the portion of the principal amount of such Security which has been or
is to be redeemed. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left ><B>Section 12.04</B> </TD>
    <TD align=left width="85%"><B>Notice of Redemption</B>
</TD></TR></TABLE>
<P align=justify style="text-indent: 5%">Except as otherwise specified as contemplated by Section 3.01,
notice of redemption shall be given in the manner provided for in Section 1.06
not less than 30 nor more than 60 days prior to the Redemption Date, to each
Holder of Securities to be redeemed. Failure to give notice in the manner
provided in Section 1.06 to the Holder of any Securities designated for
redemption as a whole or in part, or any defect in the notice to any such
Holder, shall not affect the validity of the proceedings for the redemption of
any other Securities or portion thereof. </P>
<P align=justify style="text-indent: 5%">All notices of redemption shall state: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(1) </TD>
    <TD>
      <P align=justify>the Redemption Date,</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(2) </TD>
    <TD>
      <P align=justify>the Redemption Price and the amount of accrued interest
      to the Redemption Date payable as provided in Section 12.06, if
  any,</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(3) </TD>
    <TD>
      <P align=justify>if less than all the Outstanding Securities of any series
      are to be redeemed, the identification (and, in the case of partial
      redemption, the principal amounts) of the particular Securities to be
      redeemed,</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(4) </TD>
    <TD>
      <P align=justify>in case any Security is to be redeemed in part only, the
      notice which relates to such Security shall state that on and after the
      Redemption Date, upon surrender of such Security, the holder will receive,
      without charge, a new Security or Securities of authorized denominations
      for the principal amount thereof remaining unredeemed,</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(5) </TD>
    <TD>
      <P align=justify>that on the Redemption Date, the Redemption Price and
      accrued interest, if any, to the Redemption Date payable as provided in
      Section 12.06 will become due and payable upon each such Security, or the
      portion thereof, to be redeemed and, if applicable, that interest thereon
      will cease to accrue on and after said date,</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(6) </TD>
    <TD>
      <P align=justify>the Place or Places of Payment where such Securities,
      together in the case of Bearer Securities with all coupons appertaining
      thereto, if any, maturing after the Redemption Date, are to be surrendered
      for payment of the Redemption Price and accrued interest, if
  any,</P></TD></TR></TABLE>
<P align=center>- 87 - </P>
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<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(7) </TD>
    <TD>
      <P align=justify>that the redemption is for a sinking fund, if such is the
      case,</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(8) </TD>
    <TD>
      <P align=justify>that, unless otherwise specified in such notice, Bearer
      Securities of any series, if any, surrendered for redemption must be
      accompanied by all coupons maturing subsequent to the Redemption Date or
      the amount of any such missing coupon or coupons will be deducted from the
      Redemption Price unless security or indemnity satisfactory to the Company,
      the Trustees and any Paying Agent is furnished, and</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(9) </TD>
    <TD>
      <P align=justify>if Bearer Securities of any series are to be redeemed and
      any Registered Securities of such series are not to be redeemed, and if
      such Bearer Securities may be exchanged for Registered Securities not
      subject to redemption on such Redemption Date pursuant to Section 3.05 or
      otherwise, the last date, as determined by the Company, on which such
      exchanges may be made.</P></TD></TR></TABLE>
<P align=justify style="text-indent: 5%">Notice of redemption of Securities to be redeemed at the
election of the Company shall be given by the Company or, at the Company&#146;s
request, by the Trustees in the name and at the expense of the Company. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left ><B>Section 12.05</B> </TD>
    <TD align=left width="85%"><B>Deposit of Redemption Price</B>
  </TD></TR></TABLE>
<P align=justify style="text-indent: 5%">At least three Business Days prior to any Redemption Date, the
Company shall deposit with a Trustee or with a Paying Agent (or, if the Company
is acting as its own Paying Agent, segregate and hold in trust as provided in
Section 11.03) an amount of money in the Currency in which the Securities of
such series are payable (except as otherwise specified pursuant to Section 3.01
for the Securities of such series and except, if applicable, as provided in
Sections 3.11(b), 3.11(d) and 3.11(e)) sufficient to pay the Redemption Price
of, and accrued interest, if any, on, all the Securities which are to be
redeemed on that date. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left ><B>Section 12.06</B> </TD>
    <TD align=left width="85%"><B>Securities Payable on Redemption Date</B>
  </TD></TR></TABLE>
<P align=justify style="text-indent: 5%">Notice of redemption having been given as aforesaid, the
Securities so to be redeemed shall, on the Redemption Date, become due and
payable at the Redemption Price therein specified in the Currency in which the
Securities of such series are payable (except as otherwise specified pursuant to
Section 3.01 for the Securities of such series and except, if applicable, as
provided in Sections 3.11(b), 3.11(d) and 3.11(e)) (together with accrued
interest, if any, to the Redemption Date), and from and after such date (unless
the Company shall default in the payment of the Redemption Price and accrued
interest, if any) such Securities shall, if the same were interest-bearing,
cease to bear interest and the coupons for such interest appertaining to any
Bearer Securities so to be redeemed, except to the extent provided below, shall
be void. Upon surrender of any such Security for redemption in accordance with
said notice, together with all coupons, if any, appertaining thereto maturing
after the Redemption Date, such Security shall be paid by the Company at the
Redemption Price, together with accrued interest, if any, to the Redemption
Date; <U>provided</U>, <U>however</U>, that installments of interest on Bearer
Securities whose Stated Maturity is on or prior to the Redemption Date shall be
payable only at an office or agency located outside the United States (except as
otherwise provided in Section 11.02) and, unless otherwise specified as
contemplated by Section 3.01, only upon presentation and surrender of coupons
for such interest; and provided further that installments of interest on Registered Securities whose Stated Maturity is on or prior to
the Redemption Date shall be payable to the Holders of such Securities, or one
or more Predecessor Securities, registered as such at the close of business on
the relevant Record Dates according to their terms and the provisions of Section
3.07. </P>
<P align=center>- 88 - </P>
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<P align=justify style="text-indent: 5%">If any Bearer Security surrendered for redemption shall not be
accompanied by all appurtenant coupons maturing after the Redemption Date, such
Security may be paid after deducting from the Redemption Price an amount equal
to the face amount of all such missing coupons, or the surrender of such missing
coupon or coupons may be waived by the Company and the Trustees if there be
furnished to them such security or indemnity as they may require to save each of
them and any Paying Agent harmless. If thereafter the Holder of such Security
shall surrender to the Trustees or any Paying Agent any such missing coupon in
respect of which a deduction shall have been made from the Redemption Price,
such Holder shall be entitled to receive the amount so deducted;
<U>provided</U>, <U>however</U>, that interest represented by coupons shall be
payable only at an office or agency located outside the United States (except as
otherwise provided in Section 11.02) and, unless otherwise specified as
contemplated by Section 3.01, only upon presentation and surrender of those
coupons. </P>
<P align=justify style="text-indent: 5%">If any Security called for redemption shall not be so paid upon
surrender thereof for redemption, the principal (and premium, if any) shall,
until paid, bear interest from the Redemption Date at the rate of interest or
Yield to Maturity (in the case of original Issue Discount Securities) set forth
in such Security. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left ><B>Section 12.07</B> </TD>
    <TD align=left width="85%"><B>Securities Redeemed in Part</B>
  </TD></TR></TABLE>
<P align=justify style="text-indent: 5%">Any Security which is to be redeemed only in part (pursuant to
the provisions of this Article or of Article Thirteen) shall be surrendered at a
Place of Payment therefor (with, if the Company or the Trustees so requires, due
endorsement by, or a written instrument of transfer in form satisfactory to the
Company and the Trustees duly executed by, the Holder thereof or such Holder&#146;s
attorney duly authorized in writing), and the Company shall execute, and either
Trustee shall authenticate and deliver to the Holder of such Security without
service charge, a new Security or Securities of the same series, of any
authorized denomination as requested by such Holder, in aggregate principal
amount equal to and in exchange for the unredeemed portion of the principal of
the Security so surrendered. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left ><B>Section 12.08</B> </TD>
    <TD align=left width="85%"><B>Tax Redemption</B> </TD></TR></TABLE>
<P align=justify style="text-indent: 5%">If specified pursuant to Section 3.01, the Securities of a
series will be subject to redemption at any time, in whole but not in part, at a
redemption price equal to the principal amount thereof together with accrued and
unpaid interest to the date fixed for redemption, upon the giving of a notice as
described below, if (1) the Company determines that (a) as a result of any
change in or amendment to the laws (or any regulations or rulings promulgated
thereunder) of Canada or of any political subdivision or taxing authority
thereof or therein affecting taxation, or any change in position regarding
application or interpretation of such laws, regulations or rulings (including a
holding by a court of competent jurisdiction), which change or amendment is
announced or becomes effective on or after a date specified pursuant to Section
3.01, if any date is so specified, the Company has or will become obligated to
pay, on the next succeeding date on which interest is due, Additional Amounts pursuant to Section
11.05 or (b) on or after a date specified pursuant to Section 3.01, any action
has been taken by any taxing authority of, or any decision has been rendered by
a court of competent jurisdiction in, Canada or any political subdivision or
taxing authority thereof or therein, including any of those actions specified in
(a) above, whether or not such action was taken or decision was rendered with
respect to the Company, or any change, amendment, application or interpretation
shall be proposed, which, in any such case, in the opinion of Counsel to the
Company, will result in the Company becoming obligated to pay, on the next
succeeding date on which interest is due, Additional Amounts with respect to any
Security of such series and (2) in any such case, the Company in its business
judgment determines that such obligation cannot be avoided by the use of
reasonable measures available to the Company; <U>provided</U>, <U>however</U>,
that (i) no such notice of redemption may be given earlier than 90 days prior to
the earliest date on which the Company would be obligated to pay such Additional
Amounts were a payment in respect of the Securities then due, and (ii) at the
time such notice of redemption is given, such obligation to pay such Additional
Amounts remains in effect. </P>
<P align=center>- 89 - </P>
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<P align=justify style="text-indent: 5%">In the event that the Company elects to redeem the Securities
pursuant to the provisions set forth in the preceding paragraph, the Company
shall deliver to the Trustees a certificate, signed by an authorized officer,
stating that the Company is entitled to redeem the Securities pursuant to their
terms. </P>
<P align=center>ARTICLE THIRTEEN <BR>SINKING FUNDS </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left ><B>Section 13.01</B> </TD>
    <TD align=left width="85%"><B>Applicability of Article</B>
</TD></TR></TABLE>
<P align=justify style="text-indent: 5%">Retirements of Securities of any series pursuant to any sinking
fund shall be made in accordance with the terms of such Securities and (except
as otherwise specified as contemplated by Section 3.01 for Securities of any
series) in accordance with this Article. </P>
<P align=justify style="text-indent: 5%">The minimum amount of any sinking fund payment provided for by
the terms of Securities of any series is herein referred to as a &#147;mandatory
sinking fund payment&#148;, and any payment in excess of such minimum amount provided
for by the terms of Securities of any series is herein referred to as an
&#147;optional sinking fund payment&#148;. If provided for by the terms of Securities of
any series, the cash amount of any mandatory sinking fund payment may be subject
to reduction as provided in Section 13.02. Each sinking fund payment shall be
applied to the redemption of Securities of any series as provided for by the
terms of Securities of such series. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left ><B>Section 13.02</B> </TD>
    <TD align=left width="85%"><B>Satisfaction of Sinking Fund Payments with
      Securities</B> </TD></TR></TABLE>
<P align=justify style="text-indent: 5%">Subject to Section 13.03, in lieu of making all or any part of
any mandatory sinking fund payment with respect to any Securities of a series in
cash, the Company may at its option (1) deliver to the Trustees Outstanding
Securities of a series (other than any previously called for redemption)
theretofore purchased or otherwise acquired by the Company together in the case
of any Bearer Securities of such series with all un-matured coupons appertaining
thereto, and/or (2) receive credit for the principal amount of Securities of
such series which have been previously delivered to the Trustees by the Company
or for Securities of such series which have been redeemed either at the election of the Company pursuant to the
terms of such Securities or through the application of permitted optional
sinking fund payments pursuant to the terms of such Securities, in each case in
satisfaction of all or any part of any mandatory sinking fund payment with
respect to the Securities of the same series required to be made pursuant to the
terms of such Securities as provided for by the terms of such series;
<U>provided</U>, <U>however</U>, that such Securities have not been previously
so credited. Such Securities shall be received and credited for such purpose by
the Trustees at the Redemption Price specified in such Securities for redemption
through operation of the sinking fund and the amount of such mandatory sinking
fund payment shall be reduced accordingly. </P>
<P align=center>- 90 - </P>
<P align=justify>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
</P><!--$$/page=--><A name=page_92></A>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="85%">&nbsp;</TD></TR>

  <TR vAlign=top>
    <TD align=left ><B>Section 13.03</B> </TD>
    <TD align=left width="85%"><B>Redemption of Securities for Sinking
      Fund</B> </TD></TR></TABLE>
<P align=justify style="text-indent: 5%">Not less than 60 days prior to each sinking fund payment date
for any series of Securities, the Company will deliver to the Trustees an
Officers&#146; Certificate specifying the amount of the next ensuing sinking fund
payment for that series pursuant to the terms of that series, the portion
thereof, if any, which is to be satisfied by payment of cash in the Currency in
which the Securities of such series are payable (except as otherwise specified
pursuant to Section 3.01 for the Securities of such series and except, if
applicable, as provided in Sections 3.11(b), 3.11(d) and 3.11(e)) and the
portion thereof, if any, which is to be satisfied by delivering or crediting
Securities of that series pursuant to Section 13.02 (which Securities will, if
not previously delivered, accompany such certificate) and whether the Company
intends to exercise its right to make a permitted optional sinking fund payment
with respect to such series. </P>
<P align=justify style="text-indent: 5%">Such certificate shall be irrevocable and upon its delivery the
Company shall be obligated to make the cash payment or payments therein referred
to, if any, on or before the next succeeding sinking fund payment date. In the
case of the failure of the Company to deliver such certificate, the sinking fund
payment due on the next succeeding sinking fund payment date for that series
shall be paid entirely in cash and shall be sufficient to redeem the principal
amount of such Securities subject to a mandatory sinking fund payment without
the option to deliver or credit Securities as provided in Section 13.02 and
without the right to make any optional sinking fund payment, if any, with
respect to such series. </P>
<P align=justify style="text-indent: 5%">Not more than 60 days before each such sinking fund payment
date the Trustees shall select the Securities to be redeemed upon such sinking
fund payment date in the manner specified in Section 12.03 and cause notice of
the redemption thereof to be given in the name of and at the expense of the
Company in the manner provided in Section 12.04. Such notice having been duly
given, the redemption of such Securities shall be made upon the terms and in the
manner stated in Section 12.06 and Section 12.07. </P>
<P align=justify style="text-indent: 5%">Prior to any sinking fund payment date, the Company shall pay
to the Trustees or a Paying Agent (or, if the Company is acting as its own
Paying Agent, segregate and hold in trust as provided in Section 11.03) in cash
a sum equal to any interest that will accrue to the date fixed for redemption of
Securities or portions thereof to be redeemed on such sinking fund payment date
pursuant to this Section. </P>
<P align=justify style="text-indent: 5%">Notwithstanding the foregoing, with respect to a sinking fund
for any series of Securities, if at any time the amount of cash to be paid into
such sinking fund on the next succeeding sinking fund payment date, together with any unused balance of
any preceding sinking fund payment or payments for such series, does not exceed
in the aggregate $100,000, the Trustees, unless requested by the Company, shall
not give the next succeeding notice of the redemption of Securities of such
series through the operation of the sinking fund. Any such unused balance of
moneys deposited in such sinking fund shall be added to the sinking fund payment
for such series to be made in cash on the next succeeding sinking fund payment
date or, at the request of the Company, shall be applied at any time or from
time to time to the purchase of Securities of such series, by public or private
purchase, in the open market or otherwise, at a purchase price for such
Securities (excluding accrued interest and brokerage commissions, for which the
Trustees or any Paying Agent will be reimbursed by the Company) not in excess of
the principal amount thereof. </P>
<P align=center>- 91 - </P>
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<P align=center>ARTICLE FOURTEEN <BR>REPAYMENT AT OPTION OF HOLDERS </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left ><B>Section 14.01</B> </TD>
    <TD align=left width="85%"><B>Applicability of Article</B>
</TD></TR></TABLE>
<P align=justify style="text-indent: 5%">Repayment of Securities of any series before their Stated
Maturity at the option of Holders thereof shall be made in accordance with the
terms of such Securities and (except as otherwise specified as contemplated by
Section 3.01 for Securities of any series) in accordance with this Article. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left ><B>Section 14.02</B> </TD>
    <TD align=left width="85%"><B>Repayment of Securities</B>
</TD></TR></TABLE>
<P align=justify style="text-indent: 5%">Securities of any series subject to repayment in whole or in
part at the option of the Holders thereof will, unless otherwise provided in the
terms of such Securities, be repaid at a price equal to the principal amount
thereof, together with interest, if any, thereon accrued to the Repayment Date
specified in or pursuant to the terms of such Securities. The Company covenants
that at least three Business Days prior to the Repayment Date it will deposit
with a Trustee or with a Paying Agent (or, if the Company is acting as its own
Paying Agent, segregate and hold in trust as provided in Section 11.03) an
amount of money in the Currency in which the Securities of such series are
payable (except as otherwise specified pursuant to Section 3.01 for the
Securities of such series and except, if applicable, as provided in Sections
3.11(b), 3.11(d) and 3.11(e)) sufficient to pay the principal (or, if so
provided by the terms of the Securities of any series, a percentage of the
principal) of and (except if the Repayment Date shall be an Interest Payment
Date) accrued interest, if any, on, all the Securities or portions thereof, as
the case may be, to be repaid on such date. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left ><B>Section 14.03</B> </TD>
    <TD align=left width="85%"><B>Exercise of Option</B> </TD></TR></TABLE>
<P align=justify style="text-indent: 5%">Securities of any series subject to repayment at the option of
the Holders thereof will contain an &#147;Option to Elect Repayment&#148; form on the
reverse of such Securities. To be repaid at the option of the Holder, any
Security so providing for such repayment, with the &#147;Option to Elect Repayment&#148;
form on the reverse of such Security duly completed by the Holder (or by the
Holder&#146;s attorney duly authorized in writing), must be received by the Company
at the Place of Payment therefor specified in the terms of such Security (or at
such other place or places which the Company shall from time to time notify the
Holders of such Securities) not earlier than 45 days nor later than 30 days prior to the Repayment Date. If
less than the entire principal amount of such Security is to be repaid in
accordance with the terms of such Security, the principal amount of such
Security to be repaid, in increments of the minimum denomination for Securities
of such series, and the denomination or denominations of the Security or
Securities to be issued to the Holder for the portion of the principal amount of
such Security surrendered that is not to be repaid, must be specified. The
principal amount of any Security providing for repayment at the option of the
Holder thereof may not be repaid in part if, following such repayment, the
unpaid principal amount of such Security would be less than the minimum
authorized denomination of Securities of the series of which such Security to be
repaid is a part. Except as otherwise may be provided by the terms of any
Security providing for repayment at the option of the Holder thereof, exercise
of the repayment option by the Holder shall be irrevocable unless waived by the
Company. </P>
<P align=center>- 92 - </P>
<P align=justify>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
</P><!--$$/page=--><A name=page_94></A>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="85%">&nbsp;</TD></TR>

  <TR vAlign=top>
    <TD align=left ><B>Section 14.04</B> </TD>
    <TD align=left width="85%"><B>When Securities Presented for Repayment
      Become Due and Payable</B> </TD></TR></TABLE>
<P align=justify style="text-indent: 5%">If Securities of any series providing for repayment at the
option of the Holders thereof shall have been surrendered as provided in this
Article and as provided by or pursuant to the terms of such Securities, such
Securities or the portions thereof, as the case may be, to be repaid shall
become due and payable and shall be paid by the Company on the Repayment Date
therein specified, and on and after such Repayment Date (unless the Company
shall default in the payment of such Securities on such Repayment Date) such
Securities shall, if the same were interest-bearing, cease to bear interest and
the coupons for such interest appertaining to any Bearer Securities so to be
repaid, except to the extent provided below, shall be void. Upon surrender of
any such Security for repayment in accordance with such provisions, together
with all coupons, if any, appertaining thereto maturing after the Repayment
Date, the principal amount of such Security so to be repaid shall be paid by the
Company, together with accrued interest, if any, to the Repayment Date;
<U>provided</U>, <U>however</U>, that coupons whose Stated Maturity is on or
prior to the Repayment Date shall be payable only at an office or agency located
outside the United States (except as otherwise provided in Section 11.02) and,
unless otherwise specified pursuant to Section 3.01, only upon presentation and
surrender of such coupons; and <U>provided</U> <U>further</U> that, in the case
of Registered Securities, installments of interest, if any, whose Stated
Maturity is on or prior to the Repayment Date shall be payable to the Holders of
such Securities, or one or more Predecessor Securities, registered as such at
the close of business on the relevant Record Dates according to their terms and
the provisions of Section 3.07. </P>
<P align=justify style="text-indent: 5%">If any Bearer Security surrendered for repayment shall not be
accompanied by all appurtenant coupons maturing after the Repayment Date, such
Security may be paid after deducting from the amount payable therefor as
provided in Section 14.02 an amount equal to the face amount of all such missing
coupons, or the surrender of such missing coupon or coupons may be waived by the
Company and the Trustees if there be furnished to them such security or
indemnity as they may require to save each of them and any Paying Agent
harmless. If thereafter the Holder of such Security shall surrender to the
Trustees or any Paying Agent any such missing coupon in respect of which a
deduction shall have been made as provided in the preceding sentence, such
Holder shall be entitled to receive the amount so deducted; <U>provided</U>,
<U>however</U>, that interest represented by coupons shall be payable only at an
office or agency located outside the United States (except as otherwise provided
in Section 11.02) and, unless otherwise specified as contemplated by Section 3.01, only upon
presentation and surrender of those coupons. </P>
<P align=center>- 93 - </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
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<P align=justify style="text-indent: 5%">If the principal amount of any Security surrendered for
repayment shall not be so repaid upon surrender thereof, such principal amount
(together with interest, if any, thereon accrued to such Repayment Date) shall,
until paid, bear interest from the Repayment Date at the rate of interest or
Yield to Maturity (in the case of Original Issue Discount Securities) set forth
in such Security. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left ><B>Section 14.05</B> </TD>
    <TD align=left width="85%"><B>Securities Repaid in Part</B>
</TD></TR></TABLE>
<P align=justify style="text-indent: 5%">Upon surrender of any Registered Security which is to be repaid
in part only, the Company shall execute and either Trustee shall authenticate
and deliver to the Holder of such Security, without service charge and at the
expense of the Company, a new Registered Security or Securities of the same
series, of any authorized denomination specified by the Holder, in an aggregate
principal amount equal to and in exchange for the portion of the principal of
such Security so surrendered which is not to be repaid. </P>
<P align=center>ARTICLE FIFTEEN <BR>DEFEASANCE AND COVENANT DEFEASANCE </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left ><B>Section 15.01</B> </TD>
    <TD align=left width="85%"><B>Company&#146;s Option to Effect Defeasance or
      Covenant Defeasance</B> </TD></TR></TABLE>
<P align=justify style="text-indent: 5%">Except as otherwise specified as contemplated by Section 3.01
for Securities of any series, the provisions of this Article shall apply to each
series of Securities, and the Company may, at its option, effect defeasance (as
defined below) of the Securities of or within a series under Section 15.02, or
covenant defeasance (as defined below) of or within a series under Section 15.03
in accordance with the terms of such Securities and in accordance with this
Article. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left ><B>Section 15.02</B> </TD>
    <TD align=left width="85%"><B>Defeasance and Discharge</B>
</TD></TR></TABLE>
<P align=justify style="text-indent: 5%">Upon the Company&#146;s exercise of the above option applicable to
this Section with respect to any Securities of or within a series, the Company
shall be deemed to have been discharged from its obligations with respect to
such Outstanding Securities and any related coupons on the date the conditions
set forth in Section 15.04 are satisfied (hereinafter, &#147;defeasance&#148;). For this
purpose, such defeasance means that the Company shall be deemed to have paid and
discharged the entire indebtedness represented by such Outstanding Securities
and any related coupons, which shall thereafter be deemed to be &#147;Outstanding&#148;
only for the purposes of Section 15.05 and the other Sections of this Indenture
referred to in (A) and (B) below, and to have satisfied all its other
obligations under such Securities and any related coupons and this Indenture
insofar as such Securities and any related coupons are concerned (and the
Trustees, at the expense of the Company, shall execute proper instruments
acknowledging the same), except for the following which shall survive until
otherwise terminated or discharged hereunder: (A) the rights of Holders of such
Outstanding Securities and any related coupons to receive, solely from the trust
fund described in Section 15.04 and as more fully set forth in such Section,
payments in respect of the principal of (and premium, if any) and interest, if
any, on such Securities and any related coupons when such payments are due, (B)
the Company&#146;s obligations with respect to such Securities under Sections 3.04, 3.05, 3.06, 11.02 and 11.03 and
with respect to the payment of Additional Amounts, if any, on such Securities as
contemplated by Section 11.05, (C) the rights, powers, trusts, duties and
immunities of the Trustees hereunder and (D) this Article. Subject to compliance
with this Article, the Company may exercise its option under this Section
notwithstanding the prior exercise of its option under Section 15.03 with
respect to such Securities and any related coupons. </P>
<P align=center>- 94 - </P>
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<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="85%">&nbsp;</TD></TR>

  <TR vAlign=top>
    <TD align=left ><B>Section 15.03</B> </TD>
    <TD align=left width="85%"><B>Covenant Defeasance</B> </TD></TR></TABLE>
<P align=justify style="text-indent: 5%">Upon the Company&#146;s exercise of the above option applicable to
this Section with respect to any Securities of or within a series, the Company
shall be released from its obligations under Section 11.06 and Section 11.07,
and, if specified pursuant to Section 3.01, its obligations under any other
covenant, with respect to such Outstanding Securities and any related coupons on
and after the date the conditions set forth in Section 15.04 are satisfied
(hereinafter, &#147;covenant defeasance&#148;), and such Securities and any related
coupons shall thereafter be deemed not to be &#147;Outstanding&#148; for the purposes of
any direction, waiver, consent or declaration or Act of Holders (and the
consequences of any thereof) in connection with such covenants, but shall
continue to be deemed &#147;Outstanding&#148; for all other purposes hereunder. For this
purpose, such covenant defeasance means that, with respect to such outstanding
Securities and any related coupons, the Company may omit to comply with and
shall have no liability in respect of any term, condition or limitation set
forth in any such covenant, whether directly or indirectly, by reason of any
reference elsewhere herein to any such covenant or by reason of reference in any
such covenant to any other provision herein or in any other document and such
omission to comply shall not constitute a Default or an Event of Default under
clauses (4), (5) or (9) of Section 6.01 or otherwise, as the case may be, but,
except as specified above, the remainder of this Indenture and such Securities
and any related coupons shall be unaffected thereby. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left ><B>Section 15.04</B> </TD>
    <TD align=left width="85%"><B>Conditions to Defeasance or Covenant
      Defeasance</B> </TD></TR></TABLE>
<P align=justify style="text-indent: 5%">The following shall be the conditions to application of either
Section 15.02 or Section Section 15.03 to any Outstanding Securities of or
within a series and any related coupons: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(1) </TD>
    <TD>
      <P align=justify>The Company shall irrevocably have deposited or caused to
      be deposited with either Trustee (or another trustee satisfying the
      requirements of Section 7.08 who shall agree to comply with the provisions
      of this Article applicable to it) as trust funds in trust for the purpose
      of making the following payments, specifically pledged as security for,
      and dedicated solely to, the benefit of the Holders of such Securities and
      any related coupons, (A) an amount (in such Currency in which such
      Securities and any related coupons are then specified as payable at Stated
      Maturity), or (B) Government Obligations applicable to such Securities
      (determined on the basis of the Currency in which such Securities are then
      specified as payable at Stated Maturity) which through the scheduled
      payment of principal and interest in respect thereof in accordance with
      their terms will provide, not later than one day before the due date of
      any payment of principal of and premium, if any, and interest, if any,
      under such Securities and any related coupons, money in an amount, or (C)
      a combination thereof, sufficient, in the opinion of a nationally
      recognized firm of independent public accountants expressed in a written certification thereof delivered to
      the Trustees, to pay and discharge, and which shall be applied by the
      Trustees (or other qualifying trustee) to pay and discharge, (i) the
      principal of (and premium, if any) and interest, if any, on such
      Outstanding Securities and any related coupons on the Stated Maturity (or
      Redemption Date, if applicable) of such principal (and premium, if any) or
      installment of interest, if any, (ii) any mandatory sinking fund payments
      or analogous payments applicable to such Outstanding Securities and any
      related coupons on the day on which such payments are due and payable in
      accordance with the terms of this Indenture and of such Securities and any
      related coupons, and (iii) all amounts due the Trustees under Section
      7.07; <U>provided </U>that the Trustees shall have been irrevocably
      instructed to apply such money or the proceeds of such Government
      Obligations to said payments with respect to such Securities and any
      related coupons. Before such a deposit, the Company may give to the
      Trustees, in accordance with Section 12.02 hereof, a notice of its
      election to redeem all or any portion of such Outstanding Securities at a
      future date in accordance with the terms of the Securities of such series
      and Article Tweleve hereof, which notice shall be irrevocable. Such
      irrevocable redemption notice, if given, shall be given effect in applying
      the foregoing.</P></TD></TR></TABLE>
<P align=center>- 95 - </P>
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<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(2) </TD>
    <TD>
      <P align=justify>No Default or Event of Default with respect to such
      Securities or any related coupons shall have occurred and be continuing on
      the date of such deposit or, insofar as clauses (7) and (8) of Section
      6.01 are concerned, at any time during the period ending on the 91st day
      after the date of such deposit (it being understood that this condition
      shall not be deemed satisfied until the expiration of such
  period).</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(3) </TD>
    <TD>
      <P align=justify>Such defeasance or covenant defeasance shall not result
      in a breach or violation of, or constitute a default under, this Indenture
      or any other material agreement or instrument to which the Company is a
      party or by which it is bound.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(4) </TD>
    <TD>
      <P align=justify>In the case of an election under Section 15.02, the
      Company shall have delivered to the Trustees an Opinion of Counsel in the
      United States stating that (x) the Company has received from, or there has
      been published by, the Internal Revenue Service a ruling, or (y) since the
      date of execution of this Indenture, there has been a change in the
      applicable U.S. federal income tax law, in either case to the effect that,
      and based thereon such opinion shall confirm that, the Holders of such
      Outstanding Securities and any related coupons will not recognize income,
      gain or loss for U.S. federal income tax purposes as a result of such
      defeasance and will be subject to U.S. federal income tax on the same
      amounts, in the same manner and at the same times as would have been the
      case if such defeasance had not occurred.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(5) </TD>
    <TD>
      <P align=justify>In the case of an election under Section 15.03, the
      Company shall have delivered to the Trustees an Opinion of Counsel in the
      United States to the effect that the Holders of such Outstanding
      Securities will not recognize income, gain or loss for U.S. federal income
      tax purposes as a result of such covenant defeasance and will be subject
      to U.S. federal income tax on the same amounts, in the same
  manner and at the same times as would have been the case if such
      covenant defeasance had not occurred.</P></TD></TR></TABLE>
<P align=center>- 96 - </P>
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<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(6) </TD>
    <TD>
      <P align=justify>The Company shall have delivered to the Trustees an
      Opinion of Counsel in Canada or a ruling from the Canada Revenue Agency to
      the effect that the Holders of such Outstanding Securities will not
      recognize income, gain or loss for Canadian federal, provincial or
      territorial income tax or other tax purposes as a result of such
      defeasance or covenant defeasance, as applicable, and will be subject to
      Canadian federal, provincial or territorial income tax and other tax on
      the same amounts, in the same manner and at the same times as would have
      been the case had such defeasance or covenant defeasance, as applicable,
      not occurred (and for the purposes of such opinion, such Canadian counsel
      shall assume that Holders of the Securities include Holders who are not
      resident in Canada).</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(7) </TD>
    <TD>
      <P align=justify>The Company is not an &#147;insolvent person&#148; within the
      meaning of the <I>Bankruptcy and Insolvency Act </I>(Canada) on the date
      of such deposit or at any time during the period ending on the 91st day
      after the date of such deposit (it being understood that this condition
      shall not be deemed satisfied until the expiration of such
  period).</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(8) </TD>
    <TD>
      <P align=justify>Notwithstanding any other provisions of this Section,
      such defeasance or covenant defeasance shall be effected in compliance
      with any additional or substitute terms, conditions or limitations in
      connection therewith pursuant to Section 3.01.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(9) </TD>
    <TD>
      <P align=justify>The Company shall have delivered to the Trustees an
      Officers&#146; Certificate and an Opinion of Counsel, each stating that all
      conditions precedent provided for, relating to either the defeasance under
      Section 15.02 or the covenant defeasance under Section 15.03 (as the case
      may be), have been complied with.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left ><B>Section 15.05</B> </TD>
    <TD align=left width="85%"><B>Deposited Money and Government Obligations
      to Be Held in Trust;</B> <B>Other Miscellaneous Provisions</B>
  </TD></TR></TABLE>
<P align=justify style="text-indent: 5%">Subject to the provisions of the last paragraph of Section
11.03, all money and Government Obligations (or other property as may be
provided pursuant to Section 3.01) (including the proceeds thereof) deposited
with a Trustee (or other qualifying trustee, collectively, for purposes of this
Section, the &#147;Trustee&#148;) pursuant to Section 15.04 in respect of such Outstanding
Securities and any related coupons shall be held in trust and applied by such
Trustee, in accordance with the provisions of such Securities and any related
coupons and this Indenture, to the payment, either directly or through any
Paying Agent (including the Company acting as its own Paying Agent) as such
Trustee may determine, to the Holders of such Securities and any related coupons
of all sums due and to become due thereon in respect of principal (and premium,
if any) and interest, if any, but such money need not be segregated from other
funds except to the extent required by law. </P>
<P align=justify style="text-indent: 5%">Unless otherwise specified with respect to any Security
pursuant to Section 3.01, if, after a deposit referred to in Section 15.04 has
been made, (a) the Holder of a Security in respect of which such deposit was made is entitled to, and does, elect
pursuant to Section 3.11(b) or the terms of such Security to receive payment in
a Currency other than that in which the deposit pursuant to Section 15.04 has
been made in respect of such Security, or (b) a Conversion Event occurs as
contemplated in Section 3.11(d) or 3.11(e) or by the terms of any Security in
respect of which the deposit pursuant to Section 15.04 has been made, the
indebtedness represented by such Security and any related coupons shall be
deemed to have been, and will be, fully discharged and satisfied through the
payment of the principal of (and premium, if any) and interest, if any, on such
Security as they become due out of the proceeds yielded by converting (from time
to time as specified below in the case of any such election) the amount or other
property deposited in respect of such Security into the Currency in which such
Security becomes payable as a result of such election or Conversion Event based
on the applicable Market Exchange Rate for such Currency in effect on the third
Business Day prior to each payment date, except, with respect to a Conversion
Event, for such Currency in effect (as nearly as feasible) at the time of the
Conversion Event. </P>
<P align=center>- 97 - </P>
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<P align=justify style="text-indent: 5%">The Company shall pay and indemnify such Trustee against any
tax, fee or other charge imposed on or assessed against the Government
Obligations deposited pursuant to Section 15.04 or the principal and interest
received in respect thereof other than any such tax, fee or other charge which
by law is for the account of the Holders of such Outstanding Securities and any
related coupons. </P>
<P align=justify style="text-indent: 5%">Anything in this Article to the contrary notwithstanding, such
Trustee shall deliver or pay to the Company from time to time upon Company
Request any money or Government Obligations (or other property and any proceeds
therefrom) held by it as provided in Section 15.04 which, in the opinion of a
nationally recognized firm of independent public accountants expressed in a
written certification thereof delivered to such Trustee, are in excess of the
amount thereof which would then be required to be deposited to effect an
equivalent defeasance or covenant defeasance, as applicable, in accordance with
this Article. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left ><B>Section 15.06</B> </TD>
    <TD align=left width="85%"><B>Reinstatement</B> </TD></TR></TABLE>
<P align=justify style="text-indent: 5%">If a Trustee or any Paying Agent is unable to apply any money
in accordance with Section 15.05 by reason of any order or judgment of any court
or governmental authority enjoining, restraining or otherwise prohibiting such
application, then the Company&#146;s obligations under this Indenture and such
Securities and any related coupons shall be revived and reinstated as though no
deposit had occurred pursuant to Section 15.02 or Section 15.03, as the case may
be, until such time as such Trustee or Paying Agent is permitted to apply all
such money in accordance with Section 15.05; <U>provided</U>, <U>however</U>,
that if the Company makes any payment of principal of (or premium, if any) or
interest, if any, on any such Security or any related coupon following the
reinstatement of its obligations, the Company shall be subrogated to the rights
of the Holders of such Securities and any related coupons to receive such
payment from the money held by such Trustee or Paying Agent. </P>
<P align=center>- 98 - </P>
<P align=justify>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<P align=center>ARTICLE SIXTEEN <BR>MEETINGS OF HOLDERS OF SECURITIES </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left ><B>Section 16.01</B> </TD>
    <TD align=left width="85%"><B>Purposes for Which Meetings May Be
      Called</B> </TD></TR></TABLE>
<P align=justify style="text-indent: 5%">If Securities of a series are issuable as Bearer Securities, a
meeting of Holders of Securities of such series may be called at any time and
from time to time pursuant to this Article to make, give or take any request,
demand, authorization, direction, notice, consent, waiver or other action
provided by this Indenture to be made, given or taken by Holders of Securities
of such series. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left ><B>Section 16.02</B> </TD>
    <TD align=left width="85%"><B>Call, Notice and Place of Meetings</B>
  </TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(1) </TD>
    <TD>
      <P align=justify>The Trustees may at any time call a meeting of Holders of
      Securities of any series for any purpose specified in Section 16.01, to be
      held at such time and at such place in The City of New York, in Toronto or
      in Vancouver as the Trustees shall determine. Notice of every meeting of
      Holders of Securities of any series, setting forth the time and the place
      of such meeting and in general terms the action proposed to be taken at
      such meeting, shall be given, in the manner provided for in Section 1.06,
      not less than 21 nor more than 180 days prior to the date fixed for the
      meeting.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(2) </TD>
    <TD>
      <P align=justify>In case at any time the Company, pursuant to a Board
      Resolution, or the Holders of at least 10% in principal amount of the
      outstanding Securities of any series shall have requested the Trustees to
      call a meeting of the Holders of Securities of such series for any purpose
      specified in Section 16.01, by written request setting forth in reasonable
      detail the action proposed to be taken at the meeting, and the Trustees
      shall not have made the first publication of the notice of such meeting
      within 21 days after receipt of such request or shall not thereafter
      proceed to cause the meeting to be held as provided herein, then the
      Company or the Holders of Securities of such series in the amount above
      specified, as the case may be, may determine the time and the place in The
      City of New York, in Toronto or in Vancouver for such meeting and may call
      such meeting for such purposes by giving notice thereof as provided in
      paragraph (1) of this Section.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left ><B>Section 16.03</B> </TD>
    <TD align=left width="85%"><B>Persons Entitled to Vote at Meetings</B>
  </TD></TR></TABLE>
<P align=justify style="text-indent: 5%">To be entitled to vote at any meeting of Holders of Securities
of any series, a Person shall be (1) a Holder of one or more Outstanding
Securities of such series, or (2) a Person appointed by an instrument in writing
as proxy for a Holder or Holders of one or more Outstanding Securities of such
series by such Holder of Holders. The only Persons who shall be entitled to be
present or to speak at any meeting of Holders of Securities of any series shall
be the Persons entitled to vote at such meeting and their counsel, any
representatives of the Trustees and their counsel and any representatives of the
Company and its counsel. </P>
<P align=center>- 99 - </P>
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<TABLE
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  <TR vAlign=top>
    <TD align=left ><B>Section 16.04</B> </TD>
    <TD align=left width="85%"><B>Quorum; Action</B> </TD></TR></TABLE>
<P align=justify style="text-indent: 5%">The Persons entitled to vote a majority in principal amount of
the Outstanding Securities of a series shall constitute a quorum for a meeting
of Holders of Securities of such series; <U>provided</U>, <U>however</U>, that,
if any action is to be taken at such meeting with respect to a consent or waiver
which this Indenture expressly provides may be given by the Holders of not less
than a specified percentage in principal amount of the outstanding Securities of
a series, the Persons entitled to vote such specified percentage in principal
amount of the Outstanding Securities of such series shall constitute a quorum.
In the absence of a quorum within 30 minutes of the time appointed for any such
meeting, the meeting shall, if convened at the request of Holders of Securities
of such series, be dissolved. In any other case the meeting may be adjourned for
a period of not less than 10 days as determined by the chairman of the meeting
prior to the adjournment of such meeting. In the absence of a quorum at any such
adjourned meeting, such adjourned meeting may be further adjourned for a period
of not less than 10 days as determined by the chairman of the meeting prior to
the adjournment of such adjourned meeting. Notice of the reconvening of any
adjourned meeting shall be given as provided in Section 16.02, except that such
notice need be given only once not less than five days prior to the date on
which the meeting is scheduled to be reconvened. Notice of the reconvening of
any adjourned meeting shall state expressly the percentage, as provided above,
of the principal amount of the outstanding Securities of such series which shall
constitute a quorum. </P>
<P align=justify style="text-indent: 5%">Subject to the foregoing, at the reconvening of any meeting
adjourned for lack of a quorum the Persons entitled to vote 25% in principal
amount of the Outstanding Securities at the time shall constitute a quorum for
the taking of any action set forth in the notice of the original meeting. </P>
<P align=justify style="text-indent: 5%">Except as limited by the proviso to Section 10.02, any
resolution presented to a meeting or adjourned meeting duly reconvened at which
a quorum is present as aforesaid may be adopted by the affirmative vote of the
Holders of not less than a majority in principal amount of the outstanding
Securities of such series who have casted their votes; <U>provided</U>,
<U>however</U>, that, except as limited by the proviso to Section 10.02, any
resolution with respect to any request, demand, authorization, direction,
notice, consent, waiver or other action which this Indenture expressly provides
may be made, given or taken by the Holders of a specified percentage, which is
less than a majority, in principal amount of the Outstanding Securities of a
series may be adopted at a meeting or an adjourned meeting duly reconvened and
at which a quorum is present as aforesaid by the affirmative vote of the Holders
of not less than such specified percentage in principal amount of the
Outstanding Securities of such series. </P>
<P align=justify style="text-indent: 5%">Any resolution passed or decision taken at any meeting of
Holders of Securities of any series duly held in accordance with this Section
shall be binding on all the Holders of Securities of such series and the related
coupons, whether or not present or represented at the meeting. </P>
<P align=justify style="text-indent: 5%">Notwithstanding the foregoing provisions of this Section, if
any action is to be taken at a meeting of Holders of Securities of any series
with respect to any request, demand, authorization, direction, notice, consent,
waiver or other action that this Indenture expressly provides may be made, given
or taken by the Holders of a specified percentage in principal amount of all Outstanding Securities affected thereby, or of the Holders of
such series and one or more additional series:
</P>
<P align=center>- 100 - </P>
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<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">&nbsp;</TD>
    <TD>
      &nbsp;</TD></TR>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>there shall be no minimum quorum requirement for such
      meeting; and</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>the principal amount of the Outstanding Securities of
      such series that vote in favor of such request, demand, authorization,
      direction, notice, consent, waiver or other action shall be taken into
      account in determining whether such request, demand, authorization,
      direction, notice, consent, waiver or other action has been made, given or
      taken under this Indenture.</P></TD></TR></TABLE><BR>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left ><B>Section 16.05</B> </TD>
    <TD align=left width="85%"><B>Determination</B> <B>of</B> <B>Voting</B>
      <B>Rights;</B> <B>Conduct</B> <B>and</B> <B>Adjournment</B> <B>of</B>
      <B>Meetings</B> </TD></TR></TABLE></DIV><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(1) </TD>
    <TD>
      <P align=justify>Notwithstanding any provisions of this Indenture, the
      Trustees may make such reasonable regulations as the Trustees may deem
      advisable for any meeting of Holders of Securities of a series in regard
      to proof of the holding of Securities of such series and of the
      appointment of proxies and in regard to the appointment and duties of
      inspectors of votes, the submission and examination of proxies,
      certificates and other evidence of the right to vote, and such other
      matters concerning the conduct of the meeting as the Trustees shall deem
      appropriate. Except as otherwise permitted or required by any such
      regulations, the holding of Securities shall be proved in the manner
      specified in Section 1.04 and the appointment of any proxyholder shall be
      proved in the manner specified in Section 1.04 or by having the signature
      of the person executing the proxy witnessed or guaranteed by any trust
      company, bank or banker authorized by Section 1.04 to certify to the
      holding of Bearer Securities. Such regulations may provide that written
      instruments appointing proxyholders, regular on their face, may be
      presumed valid and genuine without the proof specified in Section 1.04 or
      other proof.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(2) </TD>
    <TD>
      <P align=justify>The Trustees shall, by an instrument in writing appoint a
      temporary chairman of the meeting, unless the meeting shall have been
      called by the Company or by Holders of Securities as provided in Section
      16.02, in which case the Company or the Holders of Securities of the
      series calling the meeting, as the case may be, shall in like manner
      appoint a temporary chairman. A permanent chairman and a permanent
      secretary of the meeting shall be elected by vote of the Persons entitled
      to vote a majority in principal amount of the Outstanding Securities of
      such series represented at the meeting.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(3) </TD>
    <TD>
      <P align=justify>At any meeting each Holder of a Security of such series
      or proxy shall be entitled to one vote for each $1,000 principal amount of
      Outstanding Securities of such series held or represented by him
      (determined as specified in the definition of &#147;Outstanding&#148; in Section
      1.01); <U>provided</U>, <U>however</U>, that no vote shall be cast or
      counted at any meeting in respect of any Security challenged as not
      Outstanding and ruled by the chairman of the meeting to be not
      Outstanding. The chairman of the meeting shall have no right to vote, except as a
      Holder of a Security of such series or a proxy.</P></TD></TR></TABLE>
<P align=center>- 101 - </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_103></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(4) </TD>
    <TD>
      <P align=justify>Any meeting of Holders of Securities of any series duly
      called pursuant to Section 16.02 at which a quorum is present may be
      adjourned from time to time by Persons entitled to vote a majority in
      principal amount of the Outstanding Securities of such series represented
      at the meeting; and the meeting may be held as so adjourned without
      further notice.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left ><B>Section 16.06</B> </TD>
    <TD align=left width="85%"><B>Counting Votes and Recording Action of
      Meetings</B> </TD></TR></TABLE>
<P align=justify style="text-indent: 5%">The vote upon any resolution submitted to any meeting of
Holders of Securities of any series shall be by written ballots on which shall
be subscribed the signatures of the Holders of Securities of such series or of
their representatives by proxy and the principal amounts and serial numbers, if
any, of the Outstanding Securities of such series held or represented by them.
The permanent chairman of the meeting shall appoint two inspectors of votes who
shall count all votes cast at the meeting for or against any resolution and who
shall make and file with the secretary of the meeting their verified written
reports in duplicate of all votes cast at the meeting. A record, at least in
duplicate, of the proceedings of each meeting of Holders of Securities of any
series shall be prepared by the secretary of the meeting and there shall be
attached to said record the original reports of the inspectors of votes on any
vote by ballot taken thereat and affidavits by one or more persons having
knowledge of the facts setting forth a copy of the notice of the meeting and
showing that said notice was given as provided in Section 16.02 and, if
applicable, Section 16.04. Each copy shall be signed and verified by the
affidavits of the permanent chairman and secretary of the meeting and one such
copy shall be delivered to the Company, and another to the Trustees to be
preserved by the Trustees, the latter to have attached thereto the ballots voted
at the meeting. Any record so signed and verified shall be conclusive evidence
of the matters therein stated.</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left ><B>Section 16.07</B> </TD>
    <TD align=left width="85%"><B>Waiver of Jury Trial</B>
</TD></TR></TABLE>
<P align=justify style="text-indent: 5%">Each of the Company and the Trustee hereby irrevocably waives,
to the fullest extent permitted by applicable law, any and all right to trial by
jury in any legal proceeding arising out of or relating to this Indenture, the
Securities or the transactions contemplated hereby. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left ><B>Section 16.08</B> </TD>
    <TD align=left width="85%"><B>Counterparts</B> </TD></TR></TABLE>
<P align=justify style="text-indent: 5%">This Indenture may be executed in any number of counterparts
(either by facsimile or by original manual signature), each of which so executed
shall be deemed to be an original, but all such counterparts shall together
constitute but one and the same Indenture. </P>
<P align=center>- 102 - </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_104></A>
<P align=justify style="text-indent: 5%">IN WITNESS WHEREOF, the parties hereto have caused this
Indenture to be duly executed, and their respective corporate seals to be
hereunto affixed and attested, all as of the day and year first above written.
</P>
<DIV align=right>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="50%" border=0>

  <TR vAlign=top>
    <TD align=left colSpan=2>ENERGY FUELS INC. </TD></TR>
  <TR>
    <TD colSpan=2>&nbsp;</TD></TR>
  <TR>
    <TD colSpan=2>&nbsp;</TD></TR>
  <TR>
    <TD colSpan=2>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >By: </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="90%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >Name: </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="90%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >Title: </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="90%"
    >&nbsp;</TD></TR>
  <TR>
    <TD colSpan=2>&nbsp;</TD></TR>
  <TR>
    <TD colSpan=2>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left colSpan=2>[_______________], as U.S. Trustee </TD></TR>
  <TR>
    <TD colSpan=2>&nbsp;</TD></TR>
  <TR>
    <TD colSpan=2>&nbsp;</TD></TR>
  <TR>
    <TD colSpan=2>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >By: </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="90%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >Name: </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="90%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >Title: </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="90%"
    >&nbsp;</TD></TR>
  <TR>
    <TD colSpan=2>&nbsp;</TD></TR>
  <TR>
    <TD colSpan=2>&nbsp;</TD></TR>
  <TR>
    <TD colSpan=2>&nbsp;</TD></TR>
  <TR>
    <TD colSpan=2>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >By: </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="90%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >Name: </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="90%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >Title: </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="90%"
    >&nbsp;</TD></TR>
  <TR>
    <TD colSpan=2>&nbsp;</TD></TR>
  <TR>
    <TD colSpan=2>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left colSpan=2>[_______________], as Canadian Trustee </TD></TR>
  <TR>
    <TD colSpan=2>&nbsp;</TD></TR>
  <TR>
    <TD colSpan=2>&nbsp;</TD></TR>
  <TR>
    <TD colSpan=2>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >By: </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="90%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >Name: </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="90%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left colSpan=2>Title: Authorized Signing Officer </TD></TR>
  <TR>
    <TD colSpan=2>&nbsp;</TD></TR>
  <TR>
    <TD colSpan=2>&nbsp;</TD></TR>
  <TR>
    <TD colSpan=2>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >By: </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="90%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >Name: </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="90%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left colSpan=2>Title: Authorized Signing Officer
</TD></TR></TABLE></DIV>
<P align=center>- 103 - </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_105></A>
<P align=center>EXHIBIT A </P>
<P align=center>FORMS OF CERTIFICATION </P>
<P align=center>&nbsp;</P>
<P align=center>A-1 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_106></A>
<P align=center>EXHIBIT A-1 </P>
<P align=center>FORM OF CERTIFICATE TO BE GIVEN BY <BR>PERSON ENTITLED TO
RECEIVE BEARER SECURITY <BR>OR TO OBTAIN INTEREST PAYABLE PRIOR <BR>TO THE
EXCHANGE DATE </P>
<P align=center>CERTIFICATE </P>
<P align=center>ENERGY FUELS INC. <BR>_____% Notes due _________________<BR></P>
<P align=justify style="text-indent: 5%">This is to certify that as of the date hereof, and except as
set forth below, the above-captioned Securities held by you for our account (i)
are owned by any person(s) that is not a citizen or resident of the United
States; a corporation or partnership (including any entity treated as a
corporation or partnership for United States Federal income tax purposes)
created or organized in or under the laws of the United States, any state
thereof or the District of Columbia unless, in the case of a partnership,
Treasury Regulations provide otherwise; any estate whose income is subject to
United States Federal income tax regardless of its source or; a trust if (A) a
United States court can exercise primary supervision over the trust&#146;s
administration and one or more United States persons are authorized to control
all substantial decisions of the trust or (B) it was in existence on August 20,
1996 and has a valid election in effect under applicable Treasury Regulations to
be treated as a United States person (&#147;United States persons(s)&#148;), (ii) are
owned by United States person(s) that are (a) foreign branches of United States
financial institutions (financial institutions, as defined in United States.
Treasury Regulation Section 1.165 -12(c)(1)(v) are herein referred to as
&#147;financial institutions&#148;) purchasing for their own account or for resale, or (b)
United States person(s) who acquired the Securities through foreign branches of
United States financial institutions and who hold the Securities through such
United States financial institutions on the date hereof (and in either case (a)
or (b), each such United States financial institution hereby agrees, on its own
behalf or through its agent, that you may advise Energy Fuels Inc. or its agent
that such financial institution will comply with the requirements of Section
165(j)(3)(A), (B) or (C) of the United States Internal Revenue Code of 1986, as
amended, and the regulations thereunder), or (iii) are owned by United States or
foreign financial institution(s) for purposes of resale during the restricted
period (as defined in United States Treasury Regulation Section 1.163
-5(c)(2)(i)(D)(7)), and, in addition, if the owner is a United States or foreign
financial institution described in clause (iii) above (whether or not also
described in clause (i) or (ii)), this is to further certify that such financial
institution has not acquired the Securities for purposes of resale directly or
indirectly to a United States person or to a person within the United States or
its possessions. </P>
<P align=justify style="text-indent: 5%">As used herein, &#147;United States&#148; means the United States of
America (including the states and the District of Columbia); and its
&#147;possessions&#148; include Puerto Rico, the U.S. Virgin Islands, Guam, American
Samoa, Wake Island and the Northern Mariana Islands. </P>
<P align=center>A-2 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_107></A>
<P align=justify style="text-indent: 5%">We undertake to advise you promptly in writing on or prior to
the date on which you intend to submit your certification relating to the
above-captioned Securities held by you for our account in accordance with your
operating procedures if any applicable statement herein is not correct on such
date, and in the absence of any such notification it may be assumed that this
certification applies as of such date. </P>
<P align=justify style="text-indent: 5%">This certificate excepts and does not relate to U.S.
$__________ of such interest in the above-captioned Securities in respect of
which we are not able to certify and as to which we understand an exchange for
an interest in a permanent global security or an exchange for and delivery of
definitive Securities (or, if relevant, collection of any interest) cannot be
made until we do so certify. </P>
<P align=justify style="text-indent: 5%">We understand that this certificate may be required in
connection with certain tax legislation in the United States. If administrative
or legal proceedings are commenced or threatened in connection with which this
certificate is or would be relevant, we irrevocably authorize you to produce
this certificate or a copy thereof to any interested party in such proceedings.
</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left>Dated: _____________________</TD>
    <TD align=left width="10%" >&nbsp; </TD>
    <TD align=left width="50%" >&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>[To be dated no earlier than the 15th day prior to (i) the
      Exchange Date or (ii) the relevant Interest Payment Date occurring prior
      to the Exchange Date, applicable] </TD>
    <TD align=left width="10%" ></TD>
    <TD align=left width="50%" ></TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="10%" >&nbsp; </TD>
    <TD align=left width="50%" >[Name of Person Making
      Certification] </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="10%" >&nbsp; </TD>
    <TD width="50%" >&nbsp; </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="10%" >&nbsp; </TD>
    <TD width="50%" >&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="10%" >&nbsp; </TD>
    <TD align=left width="50%" >By: _____________________</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="10%" >&nbsp; </TD>
    <TD align=left width="50%" >Name: _____________________</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="10%" >&nbsp; </TD>
    <TD align=left width="50%" >Title:
  _____________________</TD></TR></TABLE>
<P align=center>A-3 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_108></A>
<P align=center>EXHIBIT A-2 </P>
<P align=center>FORM OF CERTIFICATE TO BE GIVEN BY THE DEPOSITARY <BR>IN
CONNECTION WITH THE EXCHANGE OF A PORTION OF A <BR>TEMPORARY GLOBAL SECURITY OR
TO OBTAIN INTEREST <BR>PAYABLE PRIOR TO THE EXCHANGE DATE </P>
<P align=center>ENERGY FUELS INC. </P>
<P align=center>____% Notes due ________________</P>
<P align=justify style="text-indent: 5%">This is to certify that based solely on written certifications
that we have receive in writing, by electronic transmission from each of the
persons appearing in our records as persons entitled to a portion of the
principal amount set forth below (our &#147;Member Organizations&#148;) substantially in
the form attached hereto, as of the date hereof, U.S. $__________ principal
amount of the above-captioned Securities (i) is owned by any person(s) that is
not a citizen or resident of the United States; a corporation or partnership
(including any entity treated as a corporation or partnership for United States
Federal income tax purposes) created or organized in or under the laws of the
United States, any state thereof or the District of Columbia unless, in the case
of a partnership, Treasury Regulations provide otherwise; any estate whose
income is subject to United States Federal income tax regardless of its source
or; a trust if (A) a United States court can exercise primary supervision over
the trust&#146;s administration and one or more United States persons are authorized
to control all substantial decisions of the trust or (B) it was in existence on
August 20, 1996 and has a valid election in effect under applicable Treasury
Regulations to be treated as a United States person (&#147;United States person(s)&#148;),
(ii) is owned by United States person(s) that are (a) foreign branches of United
States financial institutions (financial institutions, as defined in U.S.
Treasury Regulation Section 1.165 -12(c)(1)(v) are herein referred to as
&#147;financial institutions&#148;) purchasing for their own account or for resale, or (b)
United States person(s) who acquired the Securities through foreign branches of
United States financial institutions and who hold the Securities through such
United States financial institutions on the date hereof (and in either case (a)
or (b), each such financial institution has agreed, on its own behalf or through
its agent, that we may advise Energy Fuels Inc. or its agent that such financial
institution will comply with the requirements of Section 165(j)(3)(A), (B) or
(C) of the Internal Revenue Code of 1986, as amended, and the regulations
thereunder), or (iii) is owned by United States or foreign financial
institution(s) for purposes of resale during the restricted period (as defined
in United States Treasury Regulation Section 1.163 -5(c)(2)(i)(D)(7)) and, to
the further effect, that financial institutions described in clause (iii) above
(whether or not also described in clause (i) or (ii)) have certified that they
have not acquired the Securities for purposes of resale directly or indirectly
to a United States person or to a person within the United States or its
possessions. </P>
<P align=justify style="text-indent: 5%">As used herein, &#147;United States&#148; means the United States of
America (including the states and the District of Columbia); and its
&#147;possessions&#148; include Puerto Rico, the U.S. Virgin Islands, Guam, American
Samoa, Wake Island and the Northern Mariana Islands. </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_109></A>
<P align=justify style="text-indent: 5%">We further certify that (i) we are not making available
herewith for exchange (or, if relevant, collection of any interest) any portion
of the temporary global Security representing the above-captioned Securities
excepted in the above-referenced certificates of member Organizations and (ii)
as of the date hereof we have not received any notification from any of our
Member organizations to the effect that the statements made by such Member
organizations with respect to any portion of the part submitted herewith for
exchange (or, if relevant, collection of any interest) are no longer true and
cannot be relied upon as of the date hereof. </P>
<P align=justify style="text-indent: 5%">We understand that this certification is required in connection
with certain tax legislation in the United States. If administrative or legal
proceedings are commenced or threatened in connection with which this
certificate is or would be relevant, we irrevocably authorize you to produce
this certificate or a copy thereof to any interested party in such proceedings.
</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left>Dated: _________________</TD>
    <TD align=left width="10%">&nbsp; </TD>
    <TD align=left width="50%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>[To be dated no earlier than the 15<SUP>th </SUP>day prior
      to (i) the Exchange Date or (ii) the relevant Interest Payment Date
      occurring prior to the Exchange Date, applicable] </TD>
    <TD align=left width="10%"></TD>
    <TD align=left width="50%"></TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="10%">&nbsp; </TD>
    <TD width="50%">&nbsp; </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="10%">&nbsp; </TD>
    <TD width="50%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="10%">&nbsp; </TD>
    <TD align=left width="50%">[Insert name of Depositary] </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="10%">&nbsp; </TD>
    <TD width="50%">&nbsp; </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="10%">&nbsp; </TD>
    <TD width="50%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="10%">&nbsp; </TD>
    <TD align=left width="50%">By: _________________</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="10%">&nbsp; </TD>
    <TD align=left width="50%">Name: _________________</TD></TR>
  <TR vAlign=top>
    <TD align=left>Title: _________________</TD>
    <TD align=left width="10%">&nbsp; </TD>
    <TD align=left width="50%">&nbsp; </TD></TR></TABLE><BR>
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<TYPE>EX-5.1
<SEQUENCE>3
<FILENAME>exhibit5-1.htm
<DESCRIPTION>EXHIBIT 5.1
<TEXT>
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<P align=justify>May 2, 2016 </P>
<P align=justify>Energy Fuels Inc.<BR>80 Richmond Street West, 18<SUP>th</SUP>
Floor <BR>Toronto, Ontario<BR>Canada M5H 2A4</P>
<P align=justify>Dear Sirs/Mesdames:</P>
<P align=justify><B>Re: Energy Fuels Inc. &#150; Registration Statement on Form
S-3</B></P>
<P align=justify>We have acted as Ontario counsel to Energy Fuels Inc. (the
&#147;<B>Corporation</B>&#148;) in connection with the preparation of a Registration
Statement on Form S-3 (the &#147;<B>Registration Statement</B>&#148;) under the United
States Securities Act of 1933, as amended, relating to the potential issuance
and sale by the Corporation of (i) up to an aggregate of US$100 million of
securities of the Corporation (collectively, the &#147;<B>Securities</B>&#148;) pursuant
to one or more prospectus supplements (each a &#147;<B>Prospectus Supplement</B>&#148;)<B>
</B>to the Registration Statement to be filed by the Corporation from time to
time and (ii) up to 2,515,624 common shares (the &#147;<B>Warrant</B> <B>Shares</B>&#148;)
that are issuable upon the exercise of 2,515,624 warrants (each, a
&#147;<B>Warrant</B>&#148;) at an exercise price of US$3.20 per share. The Warrants were
issued by the Corporation on March 14, 2016 pursuant to a warrant indenture
dated March 14, 2016, as amended by a first supplemental indenture on April 14,
2016 among the Corporation, CST Trust Company and American Stock Transfer &amp;
Trust Company, LLC (as so amended, the &#147;<B>Warrant Indenture</B>&#148;).</P>
<P align=justify>The Securities of the Corporation which may be offered under
the Registration Statement include the following: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  >
      <P align=justify>&nbsp;</P></TD>
    <TD align=left >
      <P align=justify>&#149;&nbsp;</P></TD>
    <TD align=left width="90%">
      <P align=justify>common shares (&#147;<B>Shares</B>&#148;), </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" >
      <P align=justify>&nbsp;</P></TD>
    <TD align=left >
      <P align=justify>&#149; </P></TD>
    <TD align=left width="90%">
      <P align=justify>preferred shares (&#147;<B>Preferred Shares</B>&#148;), </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" ></TD>
    <TD align=left >
      <P align=justify>&#149; </P></TD>
    <TD align=left width="90%">
      <P align=justify>warrants to purchase Shares or Preferred Shares (the
      &#147;<B>Warrants</B>&#148;) which may be issued under a warrant indenture to be
      entered into with a warrant agent to be selected by the Corporation,
    </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" >
      <P align=justify>&nbsp;</P></TD>
    <TD align=left >
      <P align=justify>&#149; </P></TD>
    <TD align=left width="90%">
      <P align=justify>rights to purchase Shares or other securities of the
      Corporation (&#147;<B>Rights</B>&#148;), </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" ></TD>
    <TD align=left >
      <P align=justify>&#149; </P></TD>
    <TD align=left width="90%">
      <P align=justify>subscription receipts for Shares, Preferred Shares,
      warrants or any combination thereof (&#147;<B>Subscription</B>
      <B>Receipts</B>&#148;) which may be issued under a subscription receipt
      indenture to be entered into with an agent or trustee to be selected by
      the Corporation, </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" ></TD>
    <TD align=left >
      <P align=justify>&#149; </P></TD>
    <TD align=left width="90%">
      <P align=justify>debt securities, which may or may not be convertible into
      Shares, (the &#147;<B>Debt Securities</B>&#148;), which may be issued pursuant to an
      indenture to be dated on or about the date of the first issuance of Debt
      Securities thereunder, by and between a trustee to be selected by the
      Company (the &#147;<B>Trustee</B>&#148;) and the Company, in the form filed as
      Exhibit 4.8 to the Registration Statement, as such indenture may be
      supplemented from time to time (the &#147;<B>Indenture</B>&#148;), or </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" ></TD>
    <TD align=left >
      <P align=justify>&#149; </P></TD>
    <TD align=left width="90%">
      <P align=justify>units comprised of any combination of Shares, Preferred
      Shares, Warrants, Rights, Subscription Receipts or Debt Securities
      (&#147;<B>Units</B>&#148;), </P></TD></TR></TABLE>
<P align=justify>We have examined originals or copies, certified or otherwise to
our satisfaction of such documents and considered such questions of law as we
considered necessary as a basis for our opinion, including the Registration
Statement and resolutions of the board of directors of the Corporation approving
the filing of the Registration Statement and the issuance of the Securities. In
all such examinations, we have assumed (i) the genuineness of all signatures,
the legal capacity of all individuals signing any documents, the authenticity of
all documents submitted to us as originals, the conformity to authentic original
documents of all documents submitted to us as copies, whether facsimile,
photostatic, electronic, certified or otherwise, and (ii) the truthfulness of
all facts set forth in the public records and in certificates of public
officials.</P>
<P align=justify>We have also assumed that in connection with any Warrant Shares
issued under the Registration Statement:</P>
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<P align=justify>(i)&nbsp;&nbsp;&nbsp;&nbsp; each party to the Warrant
Indenture, other than the Corporation: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">1) </TD>
    <TD>
      <P align=justify>is duly incorporated, organized and in existence under
      the laws of its jurisdiction of incorporation, organization or
      formation;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">2) </TD>
    <TD>
      <P align=justify>has the necessary status, power, capacity and authority
      to enter into the Warrant Indenture to which it is party and to perform
      its obligations thereunder; and</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">3) </TD>
    <TD>
      <P align=justify>has duly authorized, executed and delivered the Warrant
      Indenture to which it is party; and</P></TD></TR></TABLE>
<P align=justify>(ii)&nbsp;&nbsp; &nbsp;the Warrant Indenture constitutes a
legal, valid and binding obligation of each party thereto (other than the
Corporation), enforceable against each such party in accordance with its terms.
</P>
<P align=justify>We have also assumed that in connection with any Securities
issued under the Registration Statement, (i) all required filings relating to,
and any approvals for, the Registration Statement, any Prospectus Supplement or
any related document, has been made and received prior to the issuance of any
such Securities, (ii) any applicable agreement, including the Indenture, any
warrant indenture, any subscription receipt indenture and any note purchase
agreement, underwriting agreement or similar document (collectively
&#147;<B>Applicable Agreements</B>&#148;), has been, or will be prior to the time of the
issuance of the applicable Security, duly authorized, executed and delivered by
the Corporation and any other party thereto and is enforceable against each such
party thereto, and neither the execution and delivery of any such document by
any party thereto nor the performance by any party of its obligations thereunder
do, or will, violate or conflict with any applicable laws or the constating
documents of such party or an requirement or restriction imposed by an court or
government body having jurisdiction over such party. We have assumed that any
Applicable Agreement entered into will be governed by the laws of the state of
New York.</P>
<P align=justify>With respect to the Securities of a particular series or
issuance, we have assumed that (i) the issuance, sale, number or amount, as the
case may be, and terms of the Securities to be offered from time to time will be
duly authorized and established, in accordance with the constating documents of
the Corporation, a duly passed resolution of the directors of the Corporation
relating to the Securities of such particular series or issuance, the laws of
the jurisdiction of incorporation of the Corporation. the laws of the
jurisdiction governing the Applicable Agreement and any Applicable Agreement;
(ii) the Securities will be duly authorized, executed, issued and delivered by
the Corporation and, in the case of the Warrants, Rights, Units, Subscription
Receipts and Debt Securities, duly authenticated or delivered by the applicable
trustee or agent, as applicable and in each case, against payment by the
purchaser of the agree-upon consideration, and (iii) the Securities will be
issued and delivered as contemplated by Registration Statement, the applicable
Prospectus Supplement and any Applicable Agreement.</P>
<P align=justify>Our opinion herein is limited to the laws of the Province of
Ontario and the federal laws of Canada applicable therein now in effect. </P>
<P align=justify>Based on and subject to the foregoing assumptions and
qualifications we are of the opinion that: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">1. </TD>
    <TD>
      <P align=justify>The Warrant Shares, when issued upon exercise of the
      Warrants in accordance with their terms, including payment of the exercise
      price therefor, will be legally issued as fully paid and non-assessable
      Shares.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">2. </TD>
    <TD>
      <P align=justify>Upon the due authorization by the Corporation of the
      issuance of any Shares, or upon conversion or exercise of any other
      Securities that are convertible or exercisable into Shares, in each case
      in accordance with their terms, including receipt by the Corporation of
      payment in full for the Shares, such Shares will be legally issued as
      fully paid and non-assessable Shares.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">3. </TD>
    <TD>
      <P align=justify>Upon the due authorization by the Corporation of the
      issuance of any Preferred Shares, or upon conversion or exercise of any
      other Securities that are convertible or exercisable into Preferred
      Shares, in each case in accordance with their terms, including receipt by
      the Corporation of payment in full for the Preferred Shares, such
      Preferred Shares will be legally issued as fully paid and non-assessable
      Preferred Shares.</P></TD></TR></TABLE>
<P align=right>2</P>
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<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">4. </TD>
    <TD>
      <P align=justify>Upon the due authorization by the Corporation of the
      specific terms of a particular issuance of any Rights and upon the
      Applicable Agreement relating to the Rights being duly executed and
      delivered and the Rights being duly executed, authenticated, issued and
      delivered, as the case may be and in each case in accordance with their
      terms, including receipt by the Corporation of payment in full for the
      Rights, such Rights will be legally issued as securities of the
      Corporation.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">5. </TD>
    <TD>
      <P align=justify>Upon the due authorization by the Corporation of the
      specific terms of a particular issuance of any Warrants and upon the
      Applicable Agreement relating to the Warrants being duly executed and
      delivered and the Warrants being duly executed, authenticated, issued and
      delivered, as the case may be and in each case in accordance with their
      terms, including receipt by the Corporation of payment in full for the
      Warrants, such Warrants will be legally issued as securities of the
      Corporation.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">6. </TD>
    <TD>
      <P align=justify>Upon the due authorization by the Corporation of the
      specific terms of a particular issuance of any Subscription Receipts and
      upon the Applicable Agreement relating to the Subscription Receipts being
      duly executed and delivered and the Subscription Receipts being duly
      executed, authenticated, issued and delivered, as the case may be and in
      each case in accordance with their terms, including receipt by the
      Corporation of payment in full for the Subscription Receipts, such
      Subscription Receipts will be legally issued as securities of the
      Corporation.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">7. </TD>
    <TD>
      <P align=justify>Upon the due authorization by the Corporation of the
      specific terms of a particular issuance of any Debt Securities and upon
      the Applicable Agreement relating to the Debt Securities being duly
      executed and delivered (including any supplement to the Indenture) and the
      Debt Securities being duly executed, authenticated, issued and delivered,
      as the case may be and in each case in accordance with their terms,
      including receipt by the Corporation of payment in full for the Debt
      Securities, such Debt Securities will be legally issued as securities of
      the Corporation.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">8. </TD>
    <TD>
      <P align=justify>Upon the due authorization by the Corporation of the
      specific terms of a particular issuance of any Units and upon the
      Applicable Agreement relating to the Units being duly executed and
      delivered and the Units being duly executed, authenticated, issued and
      delivered, as the case may be and in each case in accordance with their
      terms, including receipt by the Corporation of payment in full for the
      Units, such Units will be legally issued as securities of the
      Corporation.</P></TD></TR></TABLE>
<P align=justify>We hereby consent to the use of our name in, and the filing of
this opinion as an exhibit to, the Registration Statement. In giving such
consent, we do not admit that we are in the category of persons whose consent is
required under Section 7 of the Act.</P>
<P align=justify>Yours truly,</P>
<P align=justify>Borden Ladner Gervais LLP </P>
<P align=right>3</P>
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<DOCUMENT>
<TYPE>EX-5.2
<SEQUENCE>4
<FILENAME>exhibit5-2.htm
<DESCRIPTION>EXHIBIT 5.2
<TEXT>
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   <TITLE>Energy Fuels Inc.: Exhibit 5.2 - Filed by newsfilecorp.com</TITLE>
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<P align=right><IMG src="exhibit5-2x1x1.jpg" border=0> </P>
<P align=justify>May 2, 2016 </P>
<P align=justify>Energy Fuels Inc. <BR>225 Union Blvd, Suite 600 <BR>Lakewood,
Colorado 80228</P>
<P align=justify>Re: <U>Registration Statement on Form S-3</U> </P>
<P align=justify>Ladies and Gentlemen: </P>
<P align=justify style="text-indent:5%">We have acted as United States counsel to Energy Fuels Inc., an
Ontario corporation (the &#147;Company&#148;), in connection with a Registration Statement
on Form S-3 (the &#147;Registration Statement&#148;) filed by the Company with the
Securities and Exchange Commission (the &#147;Commission&#148;) under the Securities Act
of 1933, as amended (the &#147;Securities Act&#148;), relating to the offer and sale by
the Company from time to time of up to $100,000,000 aggregate offering price of
(i) common shares of the Company, no par value (the &#147;Common Shares&#148;), (ii)
preferred shares of the Company (the &#147;Preferred Shares&#148;), (iii) warrants to
purchase Common Shares or Preferred Shares (the &#147;Warrants&#148;), (iv) rights to
purchase Common Shares or other securities of the Company described in the
Registration Statement (the &#147;Rights&#148;), (v) subscription receipts for Common
Shares, Preferred Shares, Warrants or any combination thereof (the &#147;Subscription
Receipts&#148;), (vi) debt securities of the Company (the &#147;Debt Securities) which may
be issued in one or more series under an indenture proposed to be entered into
by the Company and the trustee to be named therein (the &#147;Trustee&#148;), the form of
which is filed as an exhibit to the Registration Statement (the &#147;Indenture&#148;),
and (vii) units comprising one or more Common Shares, Preferred Shares,
Warrants, Rights, Subscription Receipts or Debt Securities in any combination
(the &#147;Units&#148;) and (viii) such indeterminate amount and number of each class of
the foregoing securities as may be issued upon conversion, exchange, exercise or
settlement, as applicable, of any other securities that provide for such
conversion, exchange, exercise or settlement (collectively, &#147;Indeterminate
Securities&#148;). The Common Shares, Preferred Shares, Warrants, Rights,
Subscription Receipts, Debt Securities, Units and Indeterminate Securities are
collectively referred to herein as the &#147;Securities&#148;. As used herein,
&#147;Transaction Agreements&#148; means the Indenture and any officer&#146;s certificate or
supplemental indenture establishing the terms of the Offered Debt Securities and
the Warrant Agreements, Rights Agreements, Subscription Receipt Agreements and
Unit Agreements (each as defined herein).This opinion is being furnished in
accordance with the requirements of Item 601(b)(5) of Regulation S-K under the
Securities Act.</P>
<P align=justify style="text-indent:5%">In rendering the opinions stated herein, we have examined and
relied upon the Registration Statement and the Indenture. We have also examined
such documents and have reviewed such questions of law as we have considered
necessary or appropriate for the purposes of our opinions set forth below. In
rendering our opinions set forth below, we have assumed the authenticity of all
documents submitted to us as originals, the genuineness of all signatures and
the conformity to authentic originals of all documents submitted to us as
copies. We have also assumed the legal capacity for all purposes relevant hereto
of all natural persons and, with respect to all parties to agreements or
instruments relevant hereto, that such parties had the requisite power and
authority (corporate or otherwise) to execute, deliver and perform such
agreements and instruments, that such agreements and instruments have been duly
authorized by all requisite action (corporate or otherwise), executed and
delivered by such parties and, except to the extent expressly stated in the
opinions contained herein, that such agreements and instruments are the valid,
binding and enforceable obligations of such parties. As to questions of fact
material to our opinions, we have relied upon certificates or comparable
documents of officers and other representatives of the Company and of public
officials. </P>
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src="exhibit5-2x1x2.jpg"
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<P align=justify>Energy Fuels Inc. <BR>May 2, 2016 <BR>Page 2</P>

<P align=justify style="text-indent:5%">Based on the foregoing, and assuming that (i) the Registration
Statement and all amendments thereto (including post-effective amendments) will
have become effective under the Securities Act and will continue to be so
effective, (ii) a prospectus supplement to the prospectus contained in the
Registration Statement, describing the Securities offered thereby, will have
been prepared and filed with the Commission under the Securities Act, (iii) all
Securities will be issued and sold in compliance with applicable federal and
state securities laws and in the manner stated in the Registration Statement and
the applicable prospectus supplement, (iv) the Company is duly incorporated and
is validly existing and in good standing under the laws of the jurisdiction of
its organization, (v) none of the terms of any Security to be established
subsequent to the date hereof, nor the issuance, sale or delivery of such
Security, nor the compliance by the Company with the terms of such Security, (a)
will violate (1) any applicable law or (2) the organizational documents of the
Company or (b) will result in a violation or breach of (1) any provision of any
instrument or agreement then binding upon the Company or any of its assets or
(2) any restriction imposed by any court or governmental body having
jurisdiction over the Company or any of its assets, (vi) any applicable
purchase, underwriting or similar agreement, and any other applicable agreement
with respect to any Securities offered or sold, will have been duly authorized
and validly executed and delivered by the Company, (viii) the Transaction
Agreements will be governed by the laws of the State of New York and (ix) any
Securities issuable upon conversion, exchange, exercise or settlement of any
Security being offered or sold will be duly authorized, created and, if
appropriate, reserved for issuance upon such conversion, exchange, exercise or
settlement, we are of the opinion that: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">1. </TD>
    <TD>
      <P align=justify>With respect to any Debt Securities to be offered by the
      Company pursuant to the Registration Statement (the &#147;Offered Debt
      Securities&#148;), when (a) the Trustee has been qualified to act as trustee
      under the Indenture, (b) the Indenture and any officer&#146;s certificate or
      supplemental indenture establishing the terms of the Offered Debt
      Securities has been duly authorized, executed and delivered by the Company
      and the Trustee, (c) the Indenture has been duly qualified under the Trust
      Indenture Act of 1939, as amended, (d) the Board of Directors of the
      Company (the &#147;Board&#148;) has taken all necessary corporate action to
      authorize and approve the terms of the Offered Debt Securities and their
      issuance and sale in conformity with the Indenture and any officer&#146;s
      certificate or supplemental indenture, and (e) the Offered Debt Securities
      have been issued, executed and authenticated in accordance with the terms
      of the Indenture and any officer&#146;s certificate or supplemental indenture
      and delivered either (i) in accordance with the applicable purchase,
      underwriting or similar agreement approved by the Board upon payment of
      the consideration therefor provided for therein or (ii) upon conversion,
      exchange, exercise or settlement of any other Security, in accordance with
      the terms of such Security or the instrument governing such Security
      providing for such conversion, exchange, exercise or settlement as
      approved by the Board, for the consideration approved by the Board, then
      the Offered Debt Securities will constitute valid and
  binding obligations of the Company, enforceable against the Company in
accordance with their terms. </P></TD></TR></TABLE>
<P align=right><IMG
src="exhibit5-2x2x1.jpg"
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<P align=justify>Energy Fuels Inc. <BR>May 2, 2016 <BR>Page 3</P>

<TABLE
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  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">2. </TD>
    <TD>
      <P align=justify>With respect to any Rights to be offered by the Company
      pursuant to the Registration Statement (the &#147;Offered Rights&#148;), when (a) a
      rights agreement relating to the Offered Rights (the &#147;Rights Agreement&#148;),
      to be entered into between the Company and the rights agent named therein
      (the &#147;Rights Agent&#148;), has been duly authorized, executed and delivered by
      the Company and the Rights Agent, (b) the Board has taken all necessary
      corporate action to authorize and approve the terms of the Offered Rights
      and their issuance and sale in conformity with the Rights Agreement and
      (c) the Offered Rights have been issued, executed and countersigned in
      accordance with the terms of the Rights Agreement and delivered either (i)
      in accordance with the applicable purchase, underwriting or similar
      agreement approved by the Board upon payment of the consideration therefor
      provided for therein or (ii) upon conversion or exchange of any other
      Security, in accordance with the terms of such Security or the instrument
      governing such Security providing for such conversion or exchange as
      approved by the Board, for the consideration approved by the Board, then
      the Offered Rights will constitute valid and binding obligations of the
      Company, enforceable against the Company in accordance with their
      terms.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">3. </TD>
    <TD>
      <P align=justify>With respect to any Subscription Receipts to be offered
      by the Company pursuant to the Registration Statement (the &#147;Offered
      Subscription Receipts&#148;), when (a) a subscription receipts agreement
      relating to the Offered Subscription Receipts (the &#147;Subscription Receipts
      Agreement&#148;), to be entered into between the Company and the escrow agent
      named therein (the &#147;Escrow Agent&#148;), has been duly authorized, executed and
      delivered by the Company and the Escrow Agent, (b) the Board has taken all
      necessary corporate action to authorize and approve the terms of the
      Offered Subscription Receipts and their issuance and sale in conformity
      with the Subscription Receipts Agreement and (c) the Offered Subscription
      Receipts have been issued, executed and countersigned in accordance with
      the terms of the Subscription Receipts Agreement and delivered either (i)
      in accordance with the applicable purchase, underwriting or similar
      agreement approved by the Board upon payment of the consideration therefor
      provided for therein or (ii) upon conversion or exchange of any other
      Security, in accordance with the terms of such Security or the instrument
      governing such Security providing for such conversion or exchange as
      approved by the Board, for the consideration approved by the Board, then
      the Offered Subscription Receipts will constitute valid and binding
      obligations of the Company, enforceable against the Company in accordance
      with their terms.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">4. </TD>
    <TD>
      <P align=justify>With respect to any Warrants to be offered by the Company
      pursuant to the Registration Statement (the &#147;Offered Warrants&#148;), when (a)
      a warrant agreement relating to the Offered Warrants (the &#147;Warrant
      Agreement&#148;), to be entered into between the Company and the warrant agent
      named therein (the &#147;Warrant Agent&#148;), has been duly authorized, executed
      and delivered by the Company and the Warrant Agent, (b) the Board has
      taken all necessary corporate action to authorize and approve the terms of
      the Offered Warrants and their issuance and sale in conformity with the
      Warrant Agreement and (c) the Offered Warrants have been
  issued, executed and countersigned by the Warrant Agent in accordance
with the terms of the Warrant Agreement and delivered either (i) in accordance
with the applicable purchase, underwriting or similar agreement approved by the
Board upon payment of the consideration therefor provided for therein or (ii)
upon conversion or exchange of any other Security, in accordance with the terms
of such Security or the instrument governing such Security providing for such
conversion or exchange as approved by the Board, for the consideration approved
by the Board, then the Offered Warrants will constitute valid and binding
obligations of the Company, enforceable against the Company in accordance with
their terms. </P></TD></TR></TABLE>
<P align=right><IMG
src="exhibit5-2x2x1.jpg"
border=0></P> <BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_4></A><P align=right><IMG src="exhibit5-2x1x1.jpg" border=0> </P>
<P align=justify>Energy Fuels Inc. <BR>May 2, 2016 <BR>Page 4 <BR></P>

<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">5. </TD>
    <TD>
      <P align=justify>With respect to any Units to be offered by the Company
      pursuant to the Registration Statement (the &#147;Offered Units&#148;), when (a) a
      unit agreement relating to the Offered Units (the &#147;Unit Agreement&#148;), to be
      entered into between the Company and the unit agent named therein (the
      &#147;Unit Agent&#148;), has been duly authorized, executed and delivered by the
      Company and the Unit Agent, (b) the Board has taken all necessary
      corporate action to authorize and approve the terms of the Offered Units
      and their issuance and sale in conformity with the Unit Agreement and (c)
      the Offered Units have been issued, executed and countersigned in
      accordance with the terms of the Unit Agreement and delivered either (i)
      in accordance with the applicable purchase, underwriting or similar
      agreement approved by the Board upon payment of the consideration therefor
      provided for therein or (ii) upon conversion or exchange of any other
      Security, in accordance with the terms of such Security or the instrument
      governing such Security providing for such conversion or exchange as
      approved by the Board, for the consideration approved by the Board, then
      the Offered Units will constitute valid and binding obligations of the
      Company, enforceable against the Company in accordance with their
      terms.</P></TD></TR></TABLE>
<P style="text-indent:5%" align=justify>Our opinions set forth above are
subject to the following qualifications and exceptions: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>Our opinions set forth above are subject to the effect of
      any applicable bankruptcy, insolvency, reorganization, moratorium or
      similar law relating to or affecting creditors&#146; rights generally
      (including, without limitation, fraudulent conveyance laws).</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>Our opinions set forth above are subject to the effect of
      general principles of equity, including, without limitation, concepts of
      materiality, reasonableness, good faith and fair dealing and the possible
      unavailability of specific performance or injunctive relief, regardless of
      whether considered in a proceeding in equity or at law.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>Our opinions set forth above are subject to limitations
      regarding the availability of indemnification and contribution where such
      indemnification or contribution may be limited by applicable law or the
      application of principles of public policy.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(d) </TD>
    <TD>
      <P align=justify>We express no opinion as to the enforceability of (i)
      provisions that relate to choice of law, forum selection or submission to
      jurisdiction (including, without limitation, any express or implied waiver
      of any objection to venue in any court or of any objection that a court is
      an inconvenient forum), (ii) waivers by the Company of any statutory or constitutional rights or remedies,
(iii) terms which excuse any person or entity from liability for, or require the
Company to indemnify such person or entity against, such person&#146;s or entity&#146;s
negligence or willful misconduct or (iv) obligations to pay any prepayment
premium, default interest rate, early termination fee or other form of
liquidated damages, if the payment of such premium, interest rate, fee or
damages may be construed as unreasonable in relation to actual damages or
disproportionate to actual damages suffered as a result of such prepayment,
default or termination. </P></TD></TR></TABLE><P align=right><IMG
src="exhibit5-2x2x1.jpg"
border=0></P> <BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_5></A><P align=right><IMG src="exhibit5-2x1x1.jpg" border=0> </P>
<P align=justify>Energy Fuels Inc. <BR>May 2, 2016 <BR>Page 5</P>

<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(e) </TD>
    <TD>
      <P align=justify>We draw your attention to the fact that, under certain
      circumstances, the enforceability of terms to the effect that provisions
      may not be waived or modified except in writing may be
  limited.</P></TD></TR></TABLE>
<br>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(f) </TD>
    <TD>
      <P align=justify>We have assumed that any agent of service will have
      accepted appointment as agent to receive service of process and call to
      your attention that we do not express any opinion if and to the extent
      such agent shall resign such appointment. Further, we do not express any
      opinion with respect to the irrevocability of the designation of such
      agent to receive service of process.We note that, as of the date of this
      opinion, a judgment for money in an action based on a Security denominated
      in a foreign currency or currency unit in a federal or state court in the
      United States ordinarily would be enforced in the United States only in
      United States dollars. The date used to determine the rate of conversion
      of the foreign currency or currency unit in which a particular Security is
      denominated into United States dollars will depend upon various factors,
      including which court renders the judgment. Under Section 27 of the New
      York Judiciary Law, a state court in the State of New York rendering a
      judgment on a Security would be required to render that judgment in the
      foreign currency or currency unit in which the Security is denominated,
      and the judgment would be converted into United States dollars at the
      exchange rate prevailing on the date of entry of the
  judgment.</P></TD></TR></TABLE></P>
<P align=justify style="text-indent:5%">Our opinions expressed above are limited to the laws of the
State of New York. The Securities may be issued from time to time on a delayed
or continuous basis, and this opinion is limited to the laws, including the
rules and regulations, as in effect on the date hereof, which laws are subject
to change with possible retroactive effect. </P>
<P align=justify style="text-indent:5%">We hereby consent to the filing of this opinion as an exhibit
to the Registration Statement, and to the reference to our firm under the
heading &#147;Legal Matters&#148; in the prospectus constituting part of the Registration
Statement. In giving this consent, we do not admit that we are within the
category of persons whose consent is required under Section 7 of the Securities
Act or the rules and regulations of the Commission thereunder. </P>
<P style="MARGIN-LEFT: 50%" align=justify>Very truly yours, </P>
<P style="MARGIN-LEFT: 50%" align=justify>/s/ Dorsey &amp; Whitney LLP </P><P align=right><IMG
src="exhibit5-2x2x1.jpg"
border=0></P> <BR>
<HR align=center width="100%" color=black noShade SIZE=5>

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<DOCUMENT>
<TYPE>EX-23.1
<SEQUENCE>5
<FILENAME>exhibit23-1.htm
<DESCRIPTION>EXHIBIT 23.1
<TEXT>

<HTML>
<HEAD>
   <TITLE>Energy Fuels Inc.: Exhibit 23.1 - Filed by newsfilecorp.com</TITLE>
   <META name="HandheldFriendly" content="true">
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<BODY style="font-size:10pt;">

<HR noshade align="center" width=100% size=3 color="black">
<A name=page_1></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD align=left ><img border="0" src="exhibi1.jpg" width="119" height="54"></TD>
    <TD align=left width="39%" >&nbsp;</TD>
    <TD noWrap align=left width="12%" >&nbsp;</TD>
    <TD noWrap align=right width="8%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="39%"><B>KPMG LLP </B></TD>
    <TD noWrap align=left width="12%" >Telephone </TD>
    <TD noWrap align=right width="8%">(416) 777-8500 </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="39%">Bay Adelaide Centre </TD>
    <TD noWrap align=left width="12%" >Fax </TD>
    <TD noWrap align=right width="8%">(416) 777-8818 </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="39%">333 Bay Street Suite 4600 </TD>
    <TD noWrap align=left width="12%" >Internet </TD>
    <TD noWrap align=right width="8%">www.kpmg.ca </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="39%">Toronto ON M5H 2S5 </TD>
    <TD noWrap align=left width="12%" >&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="39%">Canada </TD>
    <TD noWrap align=left width="12%" >&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD></TR></TABLE>
<P align=center><B><FONT size=2><FONT size=3>CONSENT OF INDEPENDENT REGISTERED
PUBLIC <br>
ACCOUNTING FIRM </FONT></FONT></B></P>
<P align=justify>The Board of Directors <BR>Energy Fuels Inc. </P>
<P align=justify>We consent to the use of our audit report dated March 15, 2016,
with respect to the consolidated balance sheets of Energy Fuels Inc. as of
December 31, 2015 and December 31, 2014, and the related consolidated statements
of operations and comprehensive loss, changes in equity and cash flows for each
of the years in the three-year period ended December 31, 2015, incorporated
herein by reference and to the reference to our firm under the heading &#147;Experts&#148;
in the Registration Statement on Form S-3 (Amendment No. 1).</P>
<P align=justify><img border="0" src="exhibi2.gif" width="215" height="91"></P>
<P align=justify>Chartered Professional Accountants, Licensed Public Accountants
<BR>May 2, 2016 <BR>Toronto, Canada </P>
<HR align=center width="100%" color=black noShade SIZE=5>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
